On 26 August, the FCA 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 (Private Intermittent Securities and Capital Exchange System) 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 of many 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.’Emma Reynolds, 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 editorsThe PISCES 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.
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