PISCES: The UK’s new private stock market
Spencer West Corporate Partner James Klein featured in Startups Magazine, sharing his insight into the UK Government’s new private share trading platform – the Private Intermittent Securities and Capital Exchange System (PISCES).
Set to launch in summer 2025, PISCES is a major development in the UK capital markets landscape. Designed to support private companies seeking investment, the platform creates a structured environment for buying and selling private company shares, with recent backing from the London Stock Exchange (LSE). It also forms a key part of the Government’s Plan for Change, aimed at raising living standards and supporting growth.
Companies approved for PISCES will be able to trade shares intermittently through controlled events, without triggering the same regulatory obligations as a traditional IPO. It offers a “try-before-you-buy” model, giving private companies – from early-stage ventures to established growth businesses – the ability to engage investors while retaining greater control and flexibility.
In the article, James notes that PISCES “offers a flexible path to liquidity so private company shareholders, including founders and early-stage investors, can realise gains,” particularly in a challenging IPO environment. He highlights its role as an intermediate step for UK ventures that are not yet ready for public listing but are seeking liquidity and market exposure.
Participation will initially be limited to institutional and sophisticated investors, high-net-worth individuals, and employees of participating companies. Companies must obtain a PISCES Approval Notice (PAN), comply with disclosure rules, and undergo testing within the Financial Conduct Authority’s Sandbox environment, which launched in June 2025. PISCES is expected to become permanent by 2030.
With interest from the LSE and the wider financial community, PISCES may offer a critical boost to the UK’s capital markets – encouraging more companies to scale from within the UK and providing investors with new opportunities in the private markets.
