{"id":397253,"date":"2025-09-04T12:40:17","date_gmt":"2025-09-04T12:40:17","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/397253\/"},"modified":"2025-09-04T12:40:17","modified_gmt":"2025-09-04T12:40:17","slug":"fca-approves-the-first-pisces-private-stock-market-operator-securities","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/397253\/","title":{"rendered":"FCA Approves The First PISCES Private Stock Market Operator – Securities"},"content":{"rendered":"

<\/p>\n

LS<\/p>\n

<\/p>\n

Lewis Silkin<\/p>\n


\n <\/a><\/p>\n

More<\/p>\n


\n <\/p>\n


\n \"Lewis
\n <\/a><\/p>\n


\nWe have two things at our core: people \u2013 both ours and yours – and a focus on creativity, technology and innovation.
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\n The FCA has approved the London Stock Exchange as the first operator of PISCES (Private Intermittent Securities and Capital Exchange System) which is a new type of private stock market. \n <\/p>\n


\n United Kingdom
\n Corporate\/Commercial Law \n <\/p>\n


\n To print this article, all you need is to be registered or login on Mondaq.com. \n <\/p>\n

The FCA has approved<\/a> the London Stock Exchange as the
\nfirst operator of PISCES (Private Intermittent Securities and
\nCapital Exchange System) which is a new type of private stock
\nmarket. The Treasury laid the Financial Services and Markets Act 2023
\n(Private Intermittent Securities and Capital Exchange System
\nSandbox) Regulations 2025<\/a> before the UK parliament in May 2025,
\nwhich came into force in June and finalised the legislative
\nframework for PISCES.<\/p>\n

PISCES allows buyers and sellers of shares in private companies
\nto trade those shares during intermittent trading periods.
\nCompanies using a PISCES platform<\/a> can decide when their shares
\ncan be traded, who is allowed to buy them and at what price, and
\nwho can get information about the company or any transactions in
\nits shares. PISCES platforms run intermittent trading events, which
\nis different to a public market listing.<\/p>\n

PISCES aims to be an innovative, flexible, efficient and
\neffective solution for private companies to allow investors to buy
\nand sell their shares in a trading event. The FCA says that PISCES
\nwill allow private companies to reach a broader range of investors,
\nsupporting investment in growth companies and boosting the
\ncompetitiveness of UK markets.<\/p>\n

Access to PISCES will be limited to institutional investors,
\nhigh-net-worth individuals, sophisticated investors and employees
\nof participating companies. Investors will be provided with
\ninformation about the risks involved to help them make informed
\ndecisions.<\/p>\n

The PISCES platform will be delivered through a sandbox, which
\nallows the FCA to test the design before finalising a permanent
\nregime in 2030. Trading systems could include periodic auctions, as
\nwell as occasional and time-limited periods of continuous trading.
\nSpecifically, PISCES uses a financial markets infrastructure (FMI)
\nsandbox. This will be the second use of the FMI Sandbox powers
\nafter the Digital Securities Sandbox. The Treasury must report back
\nto the UK parliament about whether PISCES is working as expected by
\nJune 2030. The FCA will work with the Treasury to monitor outcomes
\nand decide whether to transfer PISCES into permanent legislation or
\nother next steps.<\/p>\n

Following consultation, the FCA published its PISCES rules<\/a> in June 2025. Firms wishing to
\nrun a PISCES platform have to apply to the FCA, and once approved
\nare able to run intermittent trading events. The FCA has published
\npre-application support and application support for firms
\ninterested in applying to be a PISCES operator.<\/p>\n

The FCA will consult on proposals for PISCES operator annual
\nperiodic fees in its annual fees policy Consultation Paper in
\nNovember 2025.<\/p>\n

The content of this article is intended to provide a general
\nguide to the subject matter. Specialist advice should be sought
\nabout your specific circumstances.<\/p>\n","protected":false},"excerpt":{"rendered":" LS Lewis Silkin More We have two things at our…\n","protected":false},"author":2,"featured_media":42633,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[748,393,4884,1144,712,16,15,1764],"class_list":{"0":"post-397253","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-britain","10":"tag-england","11":"tag-great-britain","12":"tag-northern-ireland","13":"tag-scotland","14":"tag-uk","15":"tag-united-kingdom","16":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115146078792941929","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/397253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=397253"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/397253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/42633"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=397253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=397253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=397253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}