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PISCES Private Stock Market to Launch on London Stock Exchange

The London Stock Exchange (LSE) has received regulatory approval from the UK’s Financial Conduct Authority (FCA) to operate a new PISCES (Private Intermittent Securities and Capital Exchange System) platform, a new type of private stock market. The PISCES Approval Notice approves the LSE to operate a PISCES as a sandbox entrant. In March 2024, the UK Government announced that PISCES transactions are exempt from stamp duty, therefore reducing the cost and simplifying transactions for investors. The LSE’s new platform is set to boost secondary market liquidity and drive growth and investment across UK private companies, with the boost in liquidity also set to contribute positively to the IPO pipeline. Specifically, PISCES brings together buyers and sellers to trade on an intermittent basis. The market expects the LSE’s launch to allow for simplified trading and settlement processes in the private sphere, with regulatory specifics set to be clarified going forward. 

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