The Financial Conduct Authority has approved JP Jenkins to operate a PISCES platform, authorising a second operator for the new type of private stock market that enables intermittent trading of shares in private companies. The FCA expects the additional operator to increase competition and broaden the range of businesses using PISCES, creating more opportunities for investors. It also highlighted its pre-application and application support for prospective operators, noting that this engagement has produced two approvals within a matter of months and that discussions are continuing with other potential entrants; the PISCES rulebook was finalised in the summer. Firms that wish to run a PISCES platform must apply to the FCA and, once approved, can run intermittent trading events.
Financial Conduct Authority 2025-12-03
Financial Conduct Authority authorises JP Jenkins as the second PISCES platform operator
The Financial Conduct Authority (FCA) has approved JP Jenkins as the second operator of a PISCES platform, facilitating intermittent trading of shares in private companies. The FCA anticipates increased competition and a broader range of businesses using PISCES, enhancing investor opportunities. The FCA also noted its supportive engagement with prospective operators, resulting in two approvals within months.