The Financial Conduct Authority has approved the London Stock Exchange to operate a PISCES platform, establishing the first authorised operator for the UK’s new regulated private stock market model for intermittent trading in shares of private companies. PISCES (Private Intermittent Securities and Capital Exchange System) is designed to bring together buyers and sellers for periodic trading events, with potential models including auctions and occasional, time-limited periods of continuous trading. The platform will be delivered through the financial markets infrastructure sandbox, allowing the FCA to test the design before finalising a permanent regime in 2030, and marking the second use of the FMI Sandbox powers after the Digital Securities Sandbox. The legislative framework for PISCES was finalised through a Treasury statutory instrument laid before Parliament in May 2025. The London Stock Exchange expects to launch its Private Securities Market later in 2025 once participating private companies complete their preparations. Other firms wishing to operate a PISCES platform must apply to the FCA and, once approved, may run intermittent trading events, supported by the FCA’s pre-application and application guidance.
Financial Conduct Authority 2025-08-26
Financial Conduct Authority approves London Stock Exchange to operate the first PISCES private company share trading platform
The Financial Conduct Authority (FCA) has approved the London Stock Exchange to operate the PISCES platform, the first authorised operator for the UK's new regulated private stock market model. PISCES will facilitate periodic trading events for private company shares, tested through the financial markets infrastructure sandbox. The legislative framework was established by a Treasury statutory instrument in May 2025, with the London Stock Exchange planning to launch its Private Securities Market later this year.