Get support to apply to run a Private Intermittent Securities and Capital Exchange System (PISCES) platform. Applications are now open.
We are running a sandbox until June 2030 to test the regulatory framework for PISCES.
This will allow entities hosting a PISCES platform (operators) to test out various business models.
The benefits include testing:
- Live in the market with real companies and investors.
- Within a proportionate and flexible regulatory framework.
The FCA and the Treasury will monitor the outcomes and decide whether to transfer PISCES into permanent legislation or other next steps.
December 2024
We consulted on PISCES framework.
April 2025
Pre-application support opened.
June 2025
Final rules published.
Sandbox opened.
June 2030
Sandbox period ends.
Who can apply
To become a PISCES operator, you must already be either a:
- UK recognised investment exchange (RIE).
- Person who is established in the UK and has a Part 4A permission to carry on 1 or more of:
- Arranging deals in investments (article 25(1)).
- Operating a multilateral trading facility (article 25D).
- Operating an organised trading facility (article 25DA).
All prospective operators must apply to us for a PISCES approval notice (PAN).
Pending permissions
We cannot reach a decision on your firm’s PISCES application until you have secured the relevant permission to carry out a regulated activity.
If your firm does not yet have a relevant permission, you may apply for authorisation at the same time as, or before, applying to the PISCES Sandbox.
How to apply
To apply to run a PISCES platform, email [email protected] with the following information.
This is not an exhaustive list, and we may ask for more information during the application process.
Supporting documents
You should also attach the following evidence for your proposed PISCES platform.
Draft operator rulebook
Provides the rules and regulations for the PISCES platform, for example, describing trading event structure, admission criteria for companies and information disclosure requirements.
PISCES business plan
Describe the plan for running the PISCES platform, including details such as:
- Market landscape.
- Key features.
- Target users.
- Financial projections.
- User projections.
- How the PISCES platform fits into the wider firm business.
Costs assessment
For the initial years of operation, provide an assessment of:
- Startup costs.
- Operating costs.
- Revenue projections.
- User base projections (expected number of participating companies).
Risk assessment / register
Explain in detail how you have assessed the risks that may arise in relation to running the PISCES, and how you intend to mitigate those risks effectively.
This should include a comprehensive assessment of the risks of manipulative trading practices on the PISCES platform, taking account of the companies and investors you expect to use the platform.
You should also consider:
- Market integrity.
- Protecting investors.
Organisational chart
Identify the senior management functions (SMFs) and other key individuals for the entity operating the proposed PISCES platform.
Complaints policy and procedures
Policy and instructional documents explaining how you will handle complaints from platform users.
Live demo
You may provide a live demo of key features and functionality for your proposed PISCES platform such as arrangements for:
- Information disclosure.
- Market oversight.
Application fees
You must pay a Category 6 fee in good time before you apply to operate a PISCES.
To pay, you must:
- Make a BACS or CHAPS payment to ‘FCA Collection’.
- Include ‘PISCES’ followed by your firm reference number (FRN).
Email your remittance advice and payment details to: [email protected].
The account details are:
Account name: FCA Collection
Bank name: Lloyds Bank
Account number: 00828179
Sort code: 30-00-02
IBAN code: GB68 LOYD 3000 0200 8281 79
Changes to fees
We plan to consult on annual fees for running a PISCES platform in November 2025, which will come into effect from 2026/27.
This does not impact PISCES operators' ability to launch trading events before then, and we will engage closely with operators as part of that consultation process.
You do not have to pay any fees for accessing our pre-application support service.
Support before you apply
We’re offering feedback and support to all prospective operators before you start the formal application process.
Get comments on your proposed PISCES model, including your draft rulebook and operational model.
Email [email protected] to get help with your application.
There is no fee for this support.
If you need to apply for or vary permissions, speak to our pre-application support service (PASS).
Expand for more details on what to submit and the feedback you'll get.
After you apply
Once we receive a complete application, we will check whether your firm is eligible in line with:
- Our final rules for PISCES
- The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025.
- Any other requirements.
We may contact you to ask for more information.
Approval
Once you’re approved, we will update your FCA Register records to confirm you have received a PAN.
PISCES operators must:
- Publish the PAN (or information about your approval) on your website.
- Set disclosure rules for companies using your platform.
- Publish a market risk warning on your platform.
Conditional / restricted approval
If necessary, we may issue a PAN subject to conditions, limitations or restrictions.
This may include:
- Restrictions or limitations on what activities you carry out in the sandbox.
- Extra conditions you must meet when taking part in the sandbox.
Modify or cancel PISCES approval
Email [email protected] for more information on how to modify or cancel a PAN.
