In a statement on 10 June marking the launch of the Private Intermittent Securities and Capital Exchange System (PISCES), the regulator said the new platform responds to growing demand from companies choosing to stay private for longer.
Economic Secretary to the Treasury Emma Reynolds welcomed the FCA’s regulatory framework, which follows the Treasury’s legislative outline released last week.
“PISCES is a strong example of collaboration between industry, regulators, and government to accelerate innovative reforms that strengthen UK capital markets, boost economic growth, and support our Plan for Change,” Reynolds said.
In its regulatory framework, the FCA confirmed that the new private stock market will enable trading of private company shares on flexible schedules—monthly, quarterly, annually, or as agreed with the independent PISCES operator.
For at least the first five years, the platform will function as a sandbox, giving the FCA and Treasury time to evaluate its early performance and gather ongoing feedback.
The initiative is designed to broaden investment opportunities, including for employees of private companies who hold shares and may now have a route to buy or sell them more easily.
