The Financial Conduct Authority (FCA)
has today approved the London Stock Exchange to operate a PISCES
platform, a new type of private stock
market.
The platform will
bring together buyers and sellers of
shares in private companies to trade on an intermittent
basis. Breaking new ground with
the world's first regulated private stock market, PISCES is a
great example of industry,
government and regulators
working together to go further and faster on innovative
reform.
Simon Walls,
Executive
Director of Markets at the FCA, said:
"We are delighted to announce the
first PISCES operator has been approved, marking a major
milestone in our drive to boost growth and unlock capital
investment.
“We are looking forward to seeing the
first transactions, seeding a competitive market that gives
greater investor access to exciting growth
companies."
Julia Hoggett, CEO at the
London Stock Exchange plc,
said:
“We are delighted to be the first
venue operator to have been granted a PISCES Approval Notice by
the FCA. Following several years of innovative development by the
UK Government and regulators with active engagement from
practitioners across the market, the London Stock Exchange has
now taken a significant step towards the launch of our Private
Securities Market later this
year.
“This new market demonstrates our
commitment to the creation of a genuine funding continuum from
the private to public markets so that businesses in the UK and
around the world can be effectively supported across all stages
of their growth. We look forward to welcoming the first private
companies to utilise the market when they have completed their
preparations and to expanding the options they will have to
realise their ambitions.”
, Economic Secretary to the
Treasury, said:
"I am pleased to see the London Stock
Exchange become the first operator to receive approval from the
Financial Conduct Authority to run PISCES trading events. This
represents the latest significant milestone for PISCES, and I
look forward to seeing the first PISCES trading
events.
"This government is committed to
working with the regulators and business to enhance our capital
markets offering, supporting economic growth, and putting more
money in working people's pockets as part of our Plan for
Change."
Notes to
editors:
-
The PISCES (The Private Intermittent
Securities and Capital Exchange System) platform will be
delivered through a sandbox, which allows the FCA to test the
design before finalising a permanent regime in
2030.
Trading systems could include periodic auctions, as well
as occasional and time-limited periods of continuous
trading.
-
Specifically, PISCES uses a
financial markets infrastructure (FMI) sandbox. This will be
the second use of the FMI Sandbox powers after the
Digital Securities
Sandbox.
-
The Treasury laid a Statutory Instrument before Parliament in May 2025, which finalised the
legislative framework for PISCES.
-
Firms wishing to run a PISCES
platform have to apply to the FCA, and once approved are able
to run intermittent trading events. The FCA published
pre-application support and application support for firms interested in applying to be a PISCES
operator.
