The Private Intermittent Securities and Capital Exchange System (PISCES) makes it easier and quicker to trade shares in private companies.
PISCES is a new type of private stock market that gives investors more opportunities to buy stakes in growing companies.
In June 2025, we introduced a set of rules for PISCES platforms, which connect buyers and sellers of shares in private companies during intermittent trading events.
Companies using a PISCES platform can control:
- When their shares may be traded.
- Who can buy their shares.
- A floor and/or ceiling price for their shares.
- Who gets information about the company or any transactions in its shares.
How we’re testing PISCES
We published our final rules for PISCES[2] in June 2025.
The Treasury must report back to Parliament on whether PISCES is working as expected by June 2030.
Until then, we are testing the regulatory framework for PISCES using a sandbox[3].
We’ll work with the Treasury to monitor outcomes and decide whether to transfer PISCES into permanent legislation or other next steps.
How PISCES works
PISCES platforms run intermittent trading events.
It is different to a public market listing.
Risks of investing on PISCES
Investing in private companies on PISCES may involve extra risks compared to trading in public companies.
Investors should familiarise themselves with risk warnings from:
- PISCES operators
- trading intermediaries
Investors can also seek further advice where appropriate.
Our rules seek to help investors understand the risks of investing in a PISCES share and make an informed decision to invest.
Who can use a PISCES platform
PISCES platforms are used by:
- Investors.
- PISCES companies – private companies located in the UK or overseas.
- Financial intermediaries.
They are also used by:
- Employees and those providing consultancy and managerial services. (For each trading period, the PISCES company gives a list of individuals to the financial intermediary or PISCES operator.)
- Trustees of employee share schemes.
- Trustees of share incentive plans.
Who can run a PISCES platform
To run a PISCES platform, all prospective operators must apply to us for a PISCES approval notice (PAN).
Check the PISCES platform is FCA approved
Approved PISCES operators must publish their PAN (or information about their approval) on their website.
We will also update the Financial Services Register records for each approved PISCES operator to confirm they have received approval.
We will also publish and maintain a list of all approved PISCES operators on our website.
Background
PISCES aims to be an innovative and flexible solution for private companies to provide investors with opportunities to trade their shares in a trading event with other interested investors.
It will allow private companies to access a broader range of investors, supporting investment in growth companies and boosting the competitiveness of UK markets.
PISCES forms part of our 5-year strategic priority[9] to support sustained economic growth, by enabling investment, innovation and ensuring the continued competitiveness of the UK’s world-leading financial services sector.
We consulted on our PISCES rules in CP24/29: Private Intermittent Securities and Capital Exchange System: sandbox arrangements[5].
We published our final rules under the powers in Regulation 14 of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025[6].
