PISCES: LSE’s New Platform for Trading Private Shares

By Troy Tyrell | Founder, Tsquared Personal Training | Contributor, World Business News (WBN)

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May 26, 2025

The London Stock Exchange (LSE) is preparing to launch the Private Intermittent Securities and Capital Exchange System (PISCES) later this year. This innovative platform is designed to facilitate the intermittent trading of shares in private companies, offering a regulated environment that bridges the gap between private and public markets.

A New Era of Private Equity Liquidity

Traditionally, private companies faced a binary choice: remain private with limited liquidity or go public through an Initial Public Offering (IPO), which can be costly and complex. PISCES introduces a third option—a regulated platform allowing intermittent trading windows where private company shares can be bought and sold. This approach provides liquidity for shareholders, including employees and early investors, without the need for a full public listing.

How PISCES Works

PISCES will operate under the oversight of the Financial Conduct Authority (FCA), ensuring a secure and compliant trading environment. Key features include:

Eligibility: Private companies, both UK-based and international, not listed on any public market, can participate.
Investor Access: Initially limited to institutional investors, employees of participating companies, and individuals classified as high-net-worth or sophisticated investors under UK regulations.
Trading Mechanism: Companies can schedule periodic trading events, providing controlled opportunities for share transactions. These events will be conducted through an extended single auction order book on scheduled trading days.
Regulatory Oversight: The platform will be regulated by the FCA, with specific rules outlined in a new PISCES Sourcebook.

Benefits and Considerations

For Companies:

Liquidity for Shareholders: Offers an avenue for existing shareholders to realize the value of their investments.
Controlled Access to Capital: Provides a mechanism to access capital without the full obligations of a public listing.
Stepping Stone to IPO: Serves as a preparatory phase for companies considering a future public listing .

For Investors:

Access to Private Markets: Enables investment in private companies within a regulated framework.
Tax Advantages: Transactions on PISCES will be exempt from Stamp Taxes on Shares, and existing tax-advantaged share schemes like EMI and CSOP will extend to PISCES .

Considerations:

Disclosure Requirements: Companies will have lower reporting obligations compared to public markets, which may impact transparency.
Market Liquidity: As a new platform, the level of liquidity and investor participation remains to be seen.
Investor Protections: The FCA is consulting on appropriate risk warnings and safeguards to ensure informed investment decisions.

Global Implications

PISCES is part of the UK's broader strategy to revitalize its capital markets and enhance competitiveness. By providing a regulated avenue for trading private company shares, it aims to attract growth companies and investors seeking new opportunities. The success of PISCES could influence similar initiatives in other jurisdictions, potentially reshaping the landscape of private equity and public markets globally.

The Bottom Line

The introduction of PISCES represents a significant evolution in the UK's financial infrastructure, offering a novel solution to the challenges faced by private companies and investors. By balancing the need for liquidity with regulatory oversight, PISCES has the potential to become a pivotal platform in the capital markets ecosystem.

About the Author

Troy Tyrell is the founder of Tsquared Personal Training, Vancouver’s premier gravity training and personal performance studio. With over 20 years of experience transforming lives through fitness, Troy is known not only for sculpting strong bodies but also for his keen eye on market trends and innovative financial developments.

When he's not leading cutting-edge small group sessions or helping clients thrive with personalized health programs, Troy dives deep into economic shifts, alternative energy, and the intersection of business performance and physical wellness. His writing bridges the gap between the gym and the boardroom, proving that strong bodies build sharp minds.

Troy Tyrell
Founder & Lead Trainer, Tsquared Personal Training
💪 Vancouver’s Gravity Training Expert | Entrepreneur | Financial Markets Enthusiast
📍 180 W Georgia St, Vancouver, BC V6B 4P4
📞 (604) 250-9784
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