UK Financial Conduct Authority Launches Private Company Share Trading Platform

The UK is set to launch a new private market platform called the Private Intermittent Securities and Capital Exchange System (PISCES) later this year, allowing shares in private companies to be traded without a full public listing. The Financial Conduct Authority (FCA) designed PISCES to improve capital access for growing businesses by enabling institutional investors, high-net-worth individuals, and company employees to trade shares in private firms under a regulatory sandbox model until 2030. This platform offers more flexibility to companies by eliminating continuous disclosure obligations typical of public markets and reducing sustainability-related reporting requirements. PISCES aims to provide liquidity options for investors and employees holding private shares, often locked in with no clear exit strategy, while maintaining investor protections by restricting access to sophisticated participants. The FCA and government view PISCES as a significant step to bolster UK capital markets, support economic growth, and attract new funding to promising private businesses. However, some industry insiders have expressed concerns about potential revenue impacts and disruption to traditional banking roles in private capital markets.