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UK FCA Gives Green Light to Pisces Share Trading Scheme

The UK Financial Conduct Authority confirmed the final rules for PISCES, a new platform allowing private company shares to trade intermittently, with trading likely starting later in 2025.
The platform was developed to meet demand for an organised marketplace where institutional investors, high-net-worth individuals, and employees can trade shares, while retail investors remain excluded.
PISCES will operate initially in a sandbox for testing before a permanent regime is finalized by 2030, offering periodic auctions and time-limited trading periods to provide liquidity and price discovery for private shares.
FCA Executive Director Simon Walls described the approach as a confident embrace of risk that has helped establish the UK as a top global financial hub, while Economic Secretary Emma Reynolds highlighted the joint effort as part of the government’s Plan for Change aimed at enhancing the strength of UK capital markets.
The scheme aims to boost investment access to growth companies, facilitate shareholder exits, and create a stepping stone to public markets, potentially aiding UK market competitiveness amid pressures on AIM and increased delisting activity.

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Shares in private UK companies to start trading this year with Pisces

Shares in private companies could begin trading on a new UK platform later this year under plans to boost investment in smaller companies and investor access to the market.

4 days ago·United Kingdom

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Financial Times

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UK FCA gives green light to Pisces share trading scheme

Buying and selling of stakes in private companies could begin later this year under delayed plan

4 days ago·London, United Kingdom

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The Independent

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New stock market for shares in private companies to open in UK

The Financial Conduct Authority has confirmed rules around trading, which should start this year

5 days ago·London, United Kingdom

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Investment Executive

FCA finalizes rules for private share trading platforms

New regime aims to facilitate trading in shares of companies that aren't ready to go public The post FCA finalizes rules for private share trading platforms appeared first on Investment Executive.

3 days ago

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globaltrading.net

PISCES shares to trade this year as disclosure concerns linger - Global Trading

The FCA has released the final rules for its Private Intermittent Securities and Capital Exchange System (PISCES), with shares expected to be traded later this year. PISCES allows private company shares to be traded on an intermittent basis, giving investors access to the considerable capital that has shifted to private markets in Europe and the UK over recent years. READ MORE: Firms ditch European listings for private ownership Concerns have be…

3 days ago

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Money Marketing

FCA to launch private stock market in growth boost

The Financial Conduct Authority has unveiled the final rules for its Private Intermittent Securities and Capital Exchange System (PISCES), a new private stock market platform set to launch later this year.

4 days ago

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