“At the time of its Series E fundraise in May 2018, shares of Circle were worth $16.23 a piece at a valuation of $3.01 billion, but in January 2019 shares are available to be purchased at just $3.80. To be sure, it is not clear how many shares are being offered at this new price, nor is it clear if any shares have exchanged on the platform at this price. This share price implies a $705M valuation.” excerpt from Prop Shares are Hard to Sell: Shares of Crypto exchange Circle are being offered at a massive discount.
The Austrian school of economics view is that
Stock Exchanges are the fastest and most efficient data-processing large scale system that we humans have designed so far.
Stock exchanges need roughly 15minutes of trade to determine the effect of a piece of news – political, scientific, ecological, societal etc – on the prices of shares.
Whether this will change with DLT technology and when, is up in the air. For now, we have old and powerful institutions running these data-processing systems and it wont be easy to steal their Cheese.
The Frankfurt Stock Exchange is over 400 yrs old with a market cap putting it in the 10th position globally. The London Stock Exchange (LSE) and the New York Stock Exchnage (NYSE) are bother over 200yrs old and are in the 3rd and 1st respectively by market cap. Just a few blocks away from the front runner, there is NASDAQ only 45yrs old and with a 2nd ranking in market cap.
The 29yr old Australian Securities Xchange (ASX) ranking 14th in size, is actually the bravest in that they were the first to explore DLT technology for their settlement and post trade activities. Digital Asset has been their partner, with whom they have been designing a replacement of their Clearing system CHESS since 2015, which they actually own (not the case for other stock exchanges). The full launch has been pushed out again from 2020 to 2021.
The architecture of this system maintains the messaging-based interaction with its participants and does not require them to have to run a node on the network in order to participate.
“We are often told by many, including other market infrastructures, ‘You’re so brave that you’re going first, you’re using DLT’ — we actually genuinely consider it brave to embark upon a large transformation program and not adopt this technology,” said Cliff Richards ASX`s executive general manager of Equity Post-Trade Services.
 Data source from the Visual Capitalist as of April 2017 – Comparing the largest Stock exchanges