The Financial Conduct Authority (FCA)
has approved JP Jenkins to operate a PISCES platform.
The new type of private stock
market will bring together
buyers and sellers to trade shares in private companies
on an intermittent basis.
Bringing a second operator into the
market will boost competition, attract
a greater variety of businesses and drive
opportunities for investors.
The FCA continues to
provide extensive pre-application and application support
services for all potential PISCES operators to help them get off
the ground as quickly as possible. This engagement is bearing
fruit, resulting in two approvals in a matter
of months and discussions are ongoing with
others.
Simon Walls, executive director of markets at the FCA,
said:
“We are delighted to
authorise our second PISCES operator, another step
towards delivering our vision of a competitive
and innovative marketplace.
“We finalised the rulebook in the
summer and have already approved two platforms.
It goes to show how we are pulling together with
industry to unlock new opportunities for investors and
growth companies.”
Mike McCudden, CEO of JP Jenkins, said:
“Today's news is the result of months
of commitment and dedication by the entire team at JP Jenkins. We
have worked at pace to get this project over the line and
being granted the license
formally recognises not only our recent achievements but also our
extensive knowledge of supporting unlisted companies, their
investors and indeed the wider UK
economy.”
KC MP, Economic Secretary to the
Treasury, said:
“This Government is unlocking new
opportunities for UK growth companies and investors by boosting
our capital markets. I'm delighted to see PISCES move
one step closer to trading today.”
Notes to
editors:
-
Firms wishing to run a PISCES
platform must apply to the FCA. Following approval
they can run intermittent trading events. The FCA
published pre-application support and application support for interested firms.
