The Government is pushing ahead with the establishment of the Private Intermittent Securities and Capital Exchange System (PISCES), the framework for a new form of trading platform that will enable intermittent trading of private company shares. Among the aims of PISCES are providing more opportunities for investment in growth companies and creating liquidity for existing shareholders, including employee shareholders. It is hoped that PISCES will support the pipeline for future IPOs of FinTechs and other innovative businesses.
The FCA announced its final rules for PISCES in June 2025. The PISCES "sandbox" is now live and accepting applications from firms wishing to become PISCES operators. For our perspective on the final FCA rules, please see our briefing: FCA finalises PISCES rules: new private markets expected to launch in 2025.