PISCES: platforms for trading private company shares

The Private Intermittent Securities and Capital Exchange System (PISCES) will make it easier and quicker to trade shares in private companies. 

PISCES is a new type of private stock market that will give investors more opportunities to buy stakes in growing companies.

We are introducing a set of rules for PISCES platforms, which connect buyers and sellers of shares in private companies during intermittent trading events. 

Companies using a PISCES platform can control:

  • When their shares may be traded.
  • Who can buy their shares.
  • A floor and/or ceiling price for their shares.
  • Who gets information about the company or any transactions in its shares.

How we’re testing PISCES 

We published our final rules for PISCES in June 2025. 

The Treasury must report back to Parliament on whether PISCES is working as expected by June 2030.

Until then, we will test the regulatory framework for PISCES using a sandbox.

We’ll work with the Treasury to monitor outcomes and decide whether to transfer PISCES into permanent legislation or other next steps. 

How PISCES works

PISCES platforms run intermittent trading events. 

It is different to a public market listing. 

Risks of investing on PISCES 

Investing in private companies on PISCES may involve extra risks compared to trading in public companies. 

Investors should familiarise themselves with risk warnings from:  

  • PISCES operators
  • trading intermediaries

Investors can also seek further advice where appropriate. 

Our rules seek to help investors understand the risks of investing in a PISCES share and make an informed decision to invest. 

Find out more about market risk warnings in our rules

Who can use a PISCES platform

PISCES platforms will be used by:

  • Investors.
  • PISCES companies – private companies located in the UK or overseas.
  • Financial intermediaries. 

They will also be used by:

  • Employees and those providing consultancy and managerial services. (For each trading period, the PISCES company gives a list of individuals to the financial intermediary or PISCES operator.)
  • Trustees of employee share schemes.
  • Trustees of share incentive plans. 

Who can run a PISCES platform

To run a PISCES platform, all prospective operators must apply to us for a PISCES approval notice (PAN).

Apply to our sandbox

Check the PISCES platform is FCA approved

Approved PISCES operators must publish their PAN (or information about their approval) on their website.

We will also update the Financial Services Register records for each approved PISCES operator to confirm they have received approval.

Check the Register

We will also publish and maintain a list of all approved PISCES operators on our website.

Background

PISCES aims to be an innovative and flexible solution for private companies to provide investors with opportunities to trade their shares in a trading event with other interested investors.  

It will allow private companies to access a broader range of investors, supporting investment in growth companies and boosting the competitiveness of UK markets.

PISCES forms part of our 5-year strategic priority to support sustained economic growth, by enabling investment, innovation and ensuring the continued competitiveness of the UK’s world-leading financial services sector.  

We consulted on our PISCES rules in CP24/29: Private Intermittent Securities and Capital Exchange System: sandbox arrangements.

We published our final rules under the powers in Regulation 14 of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025.

: Information changed Updates to reflect sandbox launch and final rules published.