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K'uhul Wayib' K'iwik

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The annular electric board at the center of the K’alak Muul Stock Exchange

The K’uhul Wayib’ K’iwik is a financial services public corporation that operate multiple securities exchanges, but also Commodities and Foreign exchange, including the K’alak Muul Stock Exchange. It’s headquarter is at 101 Market Halls in K’alak Muul, Mutul, near the historical Grand Market Place.


KWK offers a broad and growing array of financial products and services in cash equities, futures, options, exchange-traded products (ETPs), bonds, market data, and commercial technology solutions, spanning multiple asset classes.

The KWK is a public corporation of the Mutul and the inheritor of the old Wayib’ K’iwikob that were maintained by the Divine Throne, alongside the more traditional Market Network. The WK’ have first started to emerge during the late Chaan Dynasty, but it’s only under the Ch’ikin Dynasty that they would be fully implemented. With the Ilok’tab, the WK were regrouped under one administration, the current KWK.

With the advance of new technologies, KWK started to dematerialize itself and now offer most of its service on its electronic exchange plateform.


The Batab, the equivalent of a mayor, and his officers and adjoints, were always responsible in the Mutul of a given marketplace. They had authority over the collection of taxes, the security of goods, people, and exchanges, and also were the higher judge of the town. Quickly, the Batab and his agents took other roles, such as witnessing and supervising the signature of contracts as a third, neutral, party, kept note of the price of multiple goods such as jades, obsidian, salt, chocolate, terror birds feathers, but also of maize. The basis to measure of these prices were generally cacao beans, but also sometime in salt. By the start of the Chaan Dynasty, these prices were updated daily in the larger markets. From there, the “town hall” evolved into not only an administrative building and an house of justice, but also into Commodities exchanges and de facto banks which could give loans repayable in any other townhall.

Because of the growth of exchanges inside the Mutul, some Batabil started to form specialized commissions of scribes entirely dedicated to the economic role of the Townhall, even being separated to their own building, the first Wayib’ K’iwikob. But these early development would disappear with the Chaan Dynasty, not surviving the Brothers War nor would they fully return under the Chik’in Dynasties. It’s only with the K’iche Dynasties that both the political and economical situations of the country would allow for the return of the Wayib’ K’iwikob, especially as exchanges with foreign empires (the Kayamuca, the [[Latium|Latins}}, and then the Rezeses) became more and more common. It’s under the K’iche that traders, especially maritime traders, inspired by these foreigns thalassocracy, would start to seek finances and funds outside of their family or close friends and sell stocks and other financial instruments to raise the funds needed for their ventures. The invention of the Printing Press and its adoption by the Divine Throne greatly eased these exchanges of financial assets, and the Wayib’ Kiwikob truly became trading venues as we know it today. At first, only the State was trading proto-securities, such as War Bonds. But the transition from state-controlled to state-certified printers made it possible for traders to sell their own bonds and stocks, physically represented as standardized “Certificates” sold and bought in the WK.

At first, only the East Coast and the North enjoyed this evolution, as it was there exchanges with the rest of the world took places. But through the efforts of Akutze Selenecha and of traders organized in Nuk Nahob, sort-of dynastic consortiums, soon the largest Wayib’ K’iwik was K’inb’ilaj, the westernmost port city of the Mutul and the central trading platform with Ochran. This is also when the Divine Throne stopped to rely on local Batabob to manage trade and instead set up its own, “Holy” commission of scribes and officers dedicated to the task. All Wayib’ K’iwik became independent from their Batabils and were instead put under the supervision of this Commission : the K’uhul Wayib’ K’iwik.


The securities listed at KWK include the three main categories of stocks, bonds, and funds. Bonds traded on KWK include treasury bonds (T-bond), corporate bonds, and convertible corporate bonds. There are three types of stocks being issued in KWK : “A-list” shares, “E-list” shares, and “I-list” shares. The A-list include all shares priced in B'ulob, the E-list is in Rezese Lir, and the I-list in Latin solidus.

Since 2003, all exchanges operated by KWK are linked together through the KWK-MiBK, a single electronic trading platform offering to the customers a direct access to all stock, bonds, commodity, currency derivative products, and other financial instruments offered by KWK, along a wide range of interest-rate, equity, and index. This platform has been designed to handle significant order flows and transaction volumes. Orders can be matched either on a price/time or pro rata basis, configurable by contract, with transacted prices and volumes and the aggregate size of all bids and offers at each price level updated on a real-time basis. Users can continually notified of all active orders in the central order book, making market depth easy to monitor.

The KWK is considered a non-profit organization directly administered by the Department of Securities Regulation of the Divine Throne which directly appoint KWK’s leading personnel.