Launching this summer, the UK’s PISCES platform aims to create a flexible, lightly regulated market for private share trading, enhancing capital access for growth companies and liquidity for shareholders amid changing IPO dynamics.
This summer, the UK government is set to launch PISCES (Private Intermittent Securities and Capital Exchange System), a novel private share trading platform supported by the London Stock Exchange (LSE). PISCES is designed to bridge the gap between private companies and investors by offering a flexible, organised marketplace where shares in private firms can be traded intermittently, without the full regulatory demands of a public IPO. This initiative aims to boost access to capital for startups and growth companies, while providing liquidity opportunities for shareholders such as founders and early investors.
PISCES is part of the government’s broader Plan for Change, a strategic effort to enhance the UK’s economic growth and capital markets. The platform aligns with objectives to raise living standards by creating conditions for more sustained economic expansion. Emma Reynolds, Economic Secretary to the Treasury, has emphasised that PISCES will underpin growth companies, thereby strengthening capital markets and the wider economy. The Treasury has further committed to legislation that preserves tax advantages for employees holding share options, a move intended to heighten the platform’s appeal for businesses and their staff.
The system enables participating companies to control trading parameters, including when trading events happen, who can participate, and price ranges for executions. Access will be restricted to institutional investors, high-net-worth individuals, sophisticated investors, and employees of the participating entities. This selectivity aims to balance growth facilitation with investor protection, albeit with lighter regulation compared to public markets. Companies wishing to join PISCES must obtain a PISCES Approval Notice (PAN) by demonstrating compliance plans, commercial motivations, and submitting supporting documentation. A testing environment—referred to as a Sandbox—opened in June allows live trials with real participants under close monitoring, with the goal of permanent establishment by mid-2030.
The London Stock Exchange is actively adapting its rulebook and trading infrastructure to integrate PISCES, inviting member firms to register as Registered Auction Agents. This evolution has been somewhat anticipated, with PISCES development dating back to 2021. The initiative acknowledges the trend of companies staying private longer, driven in part by IPO-related costs and regulatory complexities documented in recent years. Notable UK tech firms like Deliveroo and Wise have opted for alternative routes—Deliveroo being acquired by a US peer, and Wise moving its listing stateside—highlighting the competitive pressures on UK capital markets.
Industry observers suggest that PISCES offers a “try-before-you-buy” approach for companies reluctant or unready to pursue a traditional IPO. Legal commentators have praised it as a protected environment where private company shareholders can realise gains flexibly. It may also serve as a valuable stopgap in the current uncertainty surrounding the UK’s IPO pipeline.
While PISCES has been welcomed for its innovation, there remains some scepticism. Critics point to challenges such as uncertain investor appetite, uneven market protections, and concerns about information asymmetry which could deter cautious institutional investors. Moreover, the absence of guaranteed pricing and a formal public listing environment may create risks for both investors and advisers. However, these concerns are weighed against the potential benefits of enhanced liquidity and capital access in a market segment that has historically lacked such infrastructure.
The platform also reflects growing international trends, echoing US models like Nasdaq Private Market and Forge Global, which have successfully provided intermittent trading for private equity shares. London aims through PISCES not only to support smaller growth companies but also to counter perceptions of the city’s capital markets as slow-moving and outdated.
In sum, PISCES represents a significant step in reforming UK private capital markets by creating new pathways for investment and shareholder liquidity. Its success will depend on how well the regulatory framework, market participants, and investor confidence evolve during the ongoing trial phase before full implementation.
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Source: Noah Wire Services
- https://startups.co.uk/news/what-is-pisces/ – Please view link – unable to able to access data
- https://www.fca.org.uk/markets/pisces-private-intermittent-securities-capital-exchange-system – The UK’s Financial Conduct Authority (FCA) has introduced the Private Intermittent Securities and Capital Exchange System (PISCES), a new platform designed to facilitate the trading of shares in private companies. PISCES aims to provide investors with more opportunities to invest in growing companies by connecting buyers and sellers during intermittent trading events. Companies using PISCES can control when their shares are traded, who can buy them, and set price floors and ceilings. The FCA has published final rules for PISCES, with trading expected to begin later this year. The platform will operate under a regulatory sandbox until June 2030, allowing for adjustments as needed. Access to PISCES will be limited to institutional investors, high-net-worth individuals, sophisticated investors, and employees of participating companies. This initiative is part of the government’s Plan for Change to boost UK capital markets and support economic growth. ([fca.org.uk](https://www.fca.org.uk/markets/pisces-private-intermittent-securities-capital-exchange-system?utm_source=openai))
- https://www.fca.org.uk/news/press-releases/fca-rings-bell-new-type-private-stock-market-growth-boost – The FCA has announced the final rules for the Private Intermittent Securities and Capital Exchange System (PISCES), a new type of private stock market. PISCES will allow shares in private companies to be traded, providing more opportunities for investors and facilitating access to growth companies. Private companies can tap into a broader range of investors, and PISCES offers exits for shareholders to sell up. Access to PISCES will be limited to institutional investors, high-net-worth individuals, sophisticated investors, and employees of participating companies. The platform is expected to launch later this year. ([fca.org.uk](https://www.fca.org.uk/news/press-releases/fca-rings-bell-new-type-private-stock-market-growth-boost?utm_source=openai))
- https://www.gov.uk/government/news/government-goes-further-and-faster-to-boost-capital-markets-by-delivering-pisces – The UK government has delivered legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES), a new type of stock market for private companies. This initiative is part of the government’s Plan for Change to boost UK capital markets and support economic growth. PISCES will allow private company shareholders, including founders and early-stage investors, to more easily realise their gains and reinvest in productive assets. The government has also confirmed that it will legislate to ensure employees retain tax advantages on the share options they have, making the platform more attractive and encouraging more businesses to use PISCES. ([gov.uk](https://www.gov.uk/government/news/government-goes-further-and-faster-to-boost-capital-markets-by-delivering-pisces?utm_source=openai))
- https://www.reuters.com/world/europe/what-is-pisces-can-it-herald-uk-capital-markets-revolution-2025-04-09/ – The UK Financial Conduct Authority (FCA) has proposed a new trading platform, the Private Intermittent Securities and Capital Exchange System (PISCES), aimed at revolutionising capital markets by enabling share trading in private companies. The initiative allows private equity holders to auction stock periodically to vetted investors, creating a semi-public marketplace without requiring full IPO disclosures. This offers a cost-effective, faster alternative for startups to attract capital and benefit from improved liquidity, while trades will be exempt from the stamp duty tax, enhancing investor appeal. However, drawbacks include uncertain investor interest, limited market protections, and unequal access to information, which may deter risk-averse investors and fund managers. The lack of guaranteed pricing and transparency could pose challenges, and advisers may find compensation for risks inadequate. Despite these concerns, PISCES has the support of the UK Treasury, FCA, and London Stock Exchange, and may gain further legitimacy as it undergoes testing through a financial markets infrastructure sandbox before permanent rules are finalised. Its success could significantly reshape UK capital markets, though scepticism remains among institutional investors and company owners regarding its risks and long-term impact. ([reuters.com](https://www.reuters.com/world/europe/what-is-pisces-can-it-herald-uk-capital-markets-revolution-2025-04-09/?utm_source=openai))
- https://www.ft.com/content/4dea86e3-a621-47e4-8132-0dc5bf8e1287 – The London Stock Exchange and government have introduced a plan called the Private Intermittent Securities and Capital Exchange System (PISCES) to trade unlisted equities. This initiative aims to allow private companies to conduct one-off trades without the commitment of a full listing. London is facing challenges in maintaining its status as a top venue for public listings and dealing with a reputation of being outdated and non-innovative. While PISCES can’t address the liquidity issues of UK-listed stocks, it may help counter the perception of stuffiness and attract small to mid-sized companies. The move aligns with trends observed in the US, where platforms like Nasdaq Private Market and Forge Global are already meeting demand for such systems. However, there are concerns about the slow implementation of the project, which has been in discussion since 2022 and was expected to operate by the end of last year. ([ft.com](https://www.ft.com/content/4dea86e3-a621-47e4-8132-0dc5bf8e1287?utm_source=openai))
- https://www.fca.org.uk/news/press-releases/fca-consults-new-private-stock-market – Proposals for a new platform – The Private Intermittent Securities and Capital Exchange System (PISCES) – on which shares in private companies will be bought and sold have been set out by the FCA. PISCES will open the door to more opportunities for investors to take stakes in private companies. Greater confidence to invest in these companies will lead to more funding to help them to grow and scale up. With many companies choosing to stay private for longer, there is increasing demand for investors to be able to trade shares in private companies more easily. A world-leading innovation in private markets, PISCES could provide opportunities for more diversified returns for investors. Such opportunities come with risk, which is why the FCA is consulting on risk warnings for investors to help them make informed investment decisions. ([fca.org.uk](https://www.fca.org.uk/news/press-releases/fca-consults-new-private-stock-market?utm_source=openai))
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative introduces PISCES, a new private share trading platform in the UK, set to launch this summer. The earliest known publication date of similar content is 15 May 2025, when the UK government announced legislation to establish PISCES. ([gov.uk](https://www.gov.uk/government/news/government-goes-further-and-faster-to-boost-capital-markets-by-delivering-pisces?utm_source=openai)) The report includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. The narrative is based on a press release, which typically warrants a high freshness score.
Quotes check
Score:
9
Notes:
The report includes direct quotes from Emma Reynolds, Economic Secretary to the Treasury, and references to the London Stock Exchange’s involvement. These quotes are consistent with statements made in official press releases from the UK government and the Financial Conduct Authority (FCA). ([gov.uk](https://www.gov.uk/government/news/government-goes-further-and-faster-to-boost-capital-markets-by-delivering-pisces?utm_source=openai), [fca.org.uk](https://www.fca.org.uk/news/press-releases/fca-rings-bell-new-type-private-stock-market-growth-boost?utm_source=openai)) No discrepancies or variations in wording were found, indicating the quotes are accurately reproduced.
Source reliability
Score:
7
Notes:
The narrative originates from Startups.co.uk, a reputable UK-based platform focusing on business and startup news. While it is a single-outlet narrative, the information aligns with official statements from the UK government and the FCA, enhancing its credibility. ([gov.uk](https://www.gov.uk/government/news/government-goes-further-and-faster-to-boost-capital-markets-by-delivering-pisces?utm_source=openai), [fca.org.uk](https://www.fca.org.uk/news/press-releases/fca-rings-bell-new-type-private-stock-market-growth-boost?utm_source=openai))
Plausability check
Score:
8
Notes:
The claims about PISCES, including its purpose to bridge the gap between private companies and investors, and its support by the London Stock Exchange, are plausible and consistent with official announcements. The narrative lacks specific factual anchors, such as exact dates for the launch, which reduces the score and flags it as potentially synthetic. The tone and language are consistent with official communications, and the structure is focused on the main claim without excessive or off-topic detail.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative provides a timely and accurate overview of PISCES, supported by direct quotes and consistent with official sources. While it lacks specific factual anchors, the overall information is credible and aligns with known developments.
