$B_K$ from quenched QCD with exact chiral symmetry

We present a calculation of the standard model Delta S=2 matrix element relevant to indirect CP violation in K->pipi decays which uses Neuberger's chiral formulation of lattice fermions. The computation is performed in the quenched approximation on a 16^3x32 lattice that has a lattice spacing asim 0.1 fm. The resulting bare matrix element is renormalized non-perturbatively. Our main result is B_K^{RGI}=0.87(8)^{+2+14}_{-1-14}, where the first error is statistical, the second is systematic and the third is an estimate of the uncertainty associated with the quenched approximation and with the fact that our kaons are composed of degenerate s and d quarks with masses sim m_s/2.