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. The Treasury laid the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 before the UK parliament in May 2025, which came into force in June and finalised the legislative framework for PISCES.
PISCES allows buyers and sellers of shares in private companies to trade those shares during intermittent trading periods. Companies using a PISCES platform can decide when their shares can be traded, who is allowed to buy them and at what price, and who can get information about the company or any transactions in its shares. PISCES platforms run intermittent trading events, which is different to a public market listing.
PISCES aims to be an innovative, flexible, efficient and effective solution for private companies to allow investors to buy and sell their shares in a trading event. The FCA says that PISCES will allow private companies to reach a broader range of investors, supporting investment in growth companies and boosting the competitiveness of UK markets.
Access to PISCES will be limited to institutional investors, high-net-worth individuals, sophisticated investors and employees of participating companies. Investors will be provided with information about the risks involved to help them make informed decisions.
The PISCES platform will be delivered through a sandbox, which allows the FCA to test the design before finalising a permanent regime in 2030. Trading systems could include periodic auctions, as well as occasional and time-limited periods of continuous trading. Specifically, PISCES uses a financial markets infrastructure (FMI) sandbox. This will be the second use of the FMI Sandbox powers after the Digital Securities Sandbox. The Treasury must report back to the UK parliament about whether PISCES is working as expected by June 2030. The FCA will work with the Treasury to monitor outcomes and decide whether to transfer PISCES into permanent legislation or other next steps.
Following consultation, the FCA published its PISCES rules in June 2025. Firms wishing to run a PISCES platform have to apply to the FCA, and once approved are able to run intermittent trading events. The FCA has published pre-application support and application support for firms interested in applying to be a PISCES operator.
The FCA will consult on proposals for PISCES operator annual periodic fees in its annual fees policy Consultation Paper in November 2025.
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