Private Intermittent Securities and Capital Exchange Systems (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.
We will publish our final rules for PISCES in June 2025.
Until June 2030, we will test the regulatory framework for PISCES using a sandbox.
Who can use a PISCES platform
The following types of investors can use PISCES platforms:
- Sophisticated investors (including self-certified).
- High-net worth individuals.
- Institutional investors.
- 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.
PISCES platforms will also be used by:
- PISCES companies – private companies located in the UK or overseas.
- Financial intermediaries.
Who can run a PISCES platform
To run a PISCES platform, all prospective operators must apply to us for a PISCES approval notice (PAN).
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[2] 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[3].
Our interim statement on PISCES[4] provisionally sets out how we may alter the consultation draft (although no final decisions have been taken on such changes).
