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12.02.2025 – Articles
What does the UK’s new private share exchange PISCES mean for private markets?
In March 2024, the UK’s Treasury launched a consultation on the Private Intermittent Securities and Capital Exchange System, aka PISCES. Following the usual responses and further consultation by the FCA, the private company share trading platform is expected to go live in May this year.
PISCES timeline
6th March 2024 – HMT launches consultation
17th April 2024 – HMT consultation closed
November 2024 – HMT publishes Government response to the consultation
17th December 2024 – FCA launches consultation
May 2025 – expected introduction of PISCES legislation
In essence, PICSES would allow both professional investors and a limited subset of retail investors, including employees, to buy and trade securities in public and private companies in a controlled environment.