Capital Markets – Updated LSE Admission And Disclosure Standards And Rules Of The London Stock Exchange Published

The LSE has also published amended versions of its Admission and Disclosure Standards and Rules of the London Stock Exchange to reflect the creation of the new Private Securities Market (PSM) – the LSE-operated PISCES (Private Intermittent Securities and Capital Exchange System) trading platform.

PISCES trading platforms will operate as a marketplace for buyers and sellers of shares in private (ie unlisted) companies and are intended to function as a secondary market only – participating companies will not be able to raise capital using a PISCES platform. Institutional and professional investors, as well as retail investors who meet the criteria to be considered as sophisticated or high net-worth investors, will be permitted to buy and sell shares on a PISCES platform during time-limited intermittent trading windows. The FCA has regulatory oversight over the implementation and operation of PISCES, which will initially operate in a five-year regulatory sandbox. FCA-approved PISCES operators can make their own rules for their PISCES trading platforms.

In August 2025, the FCA approved the LSE as a PISCES operator, and the LSE published Market Notice N09/25 with its draft PSM rules for consultation, alongside redline versions of its Admission and Disclosure Standards and Rules of the London Stock Exchange.

The LSE has finalised the Admission and Disclosure Standards and the Rules of the London Stock Exchange in the form originally proposed and the revised rules came into force on 15 September 2025. The LSE will finalise the rules for the PSM, and confirm its launch date, in due course.

For more on PISCES, see our snapshot here.

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