Left panels: The significance level for the lead–lag correlation coefficients after 3000 MC-iterations for the period 1999–2002 in the SH. Dark red circles indicate 95% significance of the individual hypothesis tests (top panel). No significance is obtained after FDR. This is the case whether FDR is computed for the interval −27 to +27 (N = 55), −13 to +13 (N = 27) or +2 to +6 (N = 5) lead–lags (bottom panel). Right panels: Same procedure, only for the NH (top panel). No significance is obtained after FDR. This is the case whether FDR is computed for the interval −27 to +27 (N = 55), −13 to +13 (N = 27) or −2 to +2 (N = 5) lead–lags (bottom panel).