On 26 August, the FCA approved the London Stock Exchange to operate a PISCES platform, a new type of private stock market.

The new platform will allow buyers and sellers of shares in private companies to trade on an intermittent basis.

PISCES, which stands for Private Intermittent Securities and Capital Exchange System, is the first regulated private stock market of its kind. It represents collaboration between industry, government, and regulators to introduce an innovative reform to the market.

Simon Walls, Executive Director of Markets at the FCA, said:

“We are pleased to confirm that the first PISCES operator has been approved, an important step in our efforts to support growth and increase access to capital investment. We look forward to seeing the first transactions and the development of a competitive market that offers greater investor access to growing companies.”

Julia Hoggett, CEO of the London Stock Exchange plc, said:

“We are proud to be the first venue operator to receive a PISCES Approval Notice from the FCA. This follows years of development by the UK Government and regulators, with input from market practitioners. The London Stock Exchange is now preparing to launch our Private Securities Market later this year. This new market supports businesses in the UK and globally by providing funding options from the private stage through to the public markets. We look forward to welcoming private companies to participate once they are ready.”

Emma Reynolds, Economic Secretary to the Treasury, said:

“I am pleased to see the London Stock Exchange become the first operator to receive FCA approval to run PISCES trading events. This is a significant milestone for PISCES, and I look forward to the first trading events. The government remains committed to working with regulators and businesses to strengthen our capital markets, support economic growth, and ensure that people benefit from these opportunities.”