Engaging in commercial exchanges; Bartering, dealing, or buying and selling goods or assets
New Era for Private Equity: London Stock Exchange Unveils PISCES Auction-Based Market
Say goodbye to the traditional swings of initial public offerings (IPOs)! The London Stock Exchange (LSE) has big plans up its sleeve, introducing a groundbreaking Private Securities Market dubbed PISCES – the Private Intermittent Securities and Capital Exchange System. The new platform, set to launch later this year, will revolutionize the private equity sector.
The Inaugural Step to an Intermittent Trading Revolution
The UK government has passed a law in May 2025, paving the way for the creation of PISCES. This regulated platform will facilitate trading of private company shares through periodic auctions. If everything goes as planned, the first auction could take place before the end of this year[3][5][1].
A Fresh Approach to Equity Trading
LSE's PISCES will focus on organizing regular auctions of shares in private companies[1][2]. This innovative approach offers investors a new way to dive into pre-IPO markets, expanding the options for buying or selling equity in startups. Liquidity for investors and company employees, who often face limited exit options due to the scarcity of IPOs, will no longer be a challenge[1][2].
Transparent and Regulated Trading, Just for Insiders
Unlike traditional continuous market trading, trading on PISCES will be primarily intermittent, with occasional continuous trading sessions. Detailed company disclosures and crucial trade data such as bid and offer prices and settlement information will be accessible to platform participants[1][2]. However, this valuable information remains out of sight for the general public.
The Financial Conduct Authority (FCA) has established a comprehensive regulatory framework for PISCES, including a sandbox environment for real-world testing before a permanent regime begins in 2030. Only approved firms are authorized to run a PISCES platform, with the LSE leading the pack[2][4].
Boosting Private Equity Market Liquidity and Capital Access
The key objectives of the initiative include unlocking liquidity for private shareholders and expanding the pool of potential investors for startups. Moreover, this venture hopes to increase the UK's appeal as a hub for private market capital[1][2].
In a nutshell, the LSE's market model intends to bring much-needed liquidity to the private equity space, benefiting startups and their investors by offering transparent, regulated, and intermittent trading events[1][2][5].
| Feature | Description ||------------------------|-----------------------------------------------------------------------------|| Platform Name | PISCES (Private Intermittent Securities and Capital Exchange System) || Launch Date | Later in 2025 (pending regulatory approval) || Trading Mechanism | Intermittent auctions, occasional continuous trading || Transparency | Pre- and post-trade data available to platform participants only || Regulatory Sandbox | Yes, with permanent regime expected by 2030 || Key Benefits | Liquidity for private shareholders, capital access for startups |
Are you ready to dive into the exciting world of PISCES and the upcoming auctions? Get smarter and stay one step ahead in the ever-changing economic landscape!
In the revolutionized private equity sector, the London Stock Exchange's PISCES platform will offer investors a fresh approach to equity trading by organizing regular auctions of shares in private companies, providing a new way to invest in pre-IPO markets and enhancing liquidity for both investors and company employees.
With a robust regulatory framework supervised by the Financial Conduct Authority, the transparent and intermittent trading on PISCES aims to boost liquidity in the private equity market, fostering increased capital access for startups and making the UK a more attractive hub for private market capital.
