Introducing PISCES
(coming soon)
A Positive Regulatory Change is Coming to UK Private Markets
Introducing PISCES – The Private Intermittent Securities and Capital Exchange System
PISCES is a UK government-backed initiative creating a regulated framework for secondary trading of private company shares. This groundbreaking change unlocks new opportunities for growth-stage businesses, employees, and investors — and JP Jenkins is proud to be leading the way.
Why JP Jenkins?
JP Jenkins has been the trusted venue for private company share trading for over 30 years. As a leading voice in the UK private markets, we have worked closely with the FCA, HM Treasury, and industry leaders to help shape the PISCES framework, ensuring it delivers meaningful benefits for companies, investors, and intermediaries. We have submitted our application to the FCA to operate a PISCES market and expect to launch following regulatory approval in late 2025.
Key Benefits of PISCES
For Companies
Shareholder Liquidity with Control
Enable shareholders and employees to trade shares through controlled, time-limited windows without the need for a public listing.
Maintain Privacy and Brand Integrity
Participate in a regulated market while preserving operational confidentiality and brand identity.
Prepare for Future Growth
Use PISCES as a stepping stone toward a potential IPO, while accessing the benefits of a transparent and structured secondary market.
For Investors
New Access to High-Growth Companies
Invest in a wider universe of vetted private firms through a transparent, FCA-supervised platform.
Tax Advantages
Benefit from stamp duty exemptions and retain tax advantages on employee share schemes (EMI/CSOP).
Regulated Confidence
Trade within an FCA-supervised environment that balances investor protection with market opportunity.
Investor: Register Your Interest
Company: Register Your Interest
PISCES FAQs
What is PISCES?
PISCES (Private Intermittent Securities and Capital Exchange System), developed by the FCA and HM Treasury, is a new type of private market that enables intermittent trading of private company shares using capital market infrastructure. It provides a regulated, transparent, and efficient mechanism for private growth companies to offer trading in their shares.
Why was PISCES created?
PISCES was developed following recommendations from the UK Treasury, the Financial Conduct Authority (FCA), and industry stakeholders to improve access to capital for private companies and support the growth of the UK’s private markets. It is part of the government’s broader strategy to make the UK a leading hub for innovative capital markets.
Is PISCES a stock exchange?
No. PISCES operates as a multilateral trading facility (MTF) under a dedicated FCA-recognised framework. It differs from a public stock exchange by offering intermittent trading windows rather than continuous trading, making it more suitable for private companies.
Is JP Jenkins a PISCES operator?
JP Jenkins has submitted an application for a PISCES Approval Notice (PAN) with the FCA, which, once approved, will authorise JP Jenkins to operate a PISCES market under the new regulatory regime.
When will PISCES be available?
There is no confirmed launch date yet. However, subject to regulatory approval, it is anticipated that the PISCES framework will go live in Q4 2025.
How is PISCES different from JP Jenkins’ current trading model?
PISCES introduces a formal FCA regulatory framework for intermittent trading, including mandatory prescribed disclosures and scheduled trading auctions. By contrast, JP Jenkins’ current model facilitates trading on a matched bargain basis without a set auction calendar or regulatory disclosure framework.
How will PISCES operate?
Companies admitted to a PISCES market will provide shareholders the opportunity to buy and sell shares during pre-defined auction windows. Companies must publish required disclosures in advance of each auction, and trades will be executed through JP Jenkins-approved brokers and intermediaries.
What type of company will be able to use PISCES?
Any company, whether UK-incorporated or overseas, will be eligible for PISCES, provided it is not listed or admitted to trading on a public market in the UK or abroad. PISCES is designed for growth-stage businesses, venture-backed firms, and established private companies seeking liquidity options.
What disclosures will a participating PISCES company have to make?
Companies do not need to publish a full prospectus to participate in PISCES. Instead, they must provide a core set of disclosures, as prescribed by the FCA, ahead of each trading window. These disclosures can be limited to eligible investors participating in the auction and do not need to be made public.
Can different classes of shares be traded on PISCES?
Yes. Companies will have the flexibility to make one or more classes of shares available for trading through the PISCES framework.
Can a company raise new money via PISCES?
No. PISCES is designed exclusively for secondary trading of existing shares. Companies cannot raise new primary capital through a PISCES auction.
Can a company buy-back shares via PISCES?
No. Share buybacks are not permitted within the PISCES framework. PISCES is designed solely for shareholder-to-shareholder transactions.
Can an existing member company be able to opt-in to your PISCES solution?
Yes. Existing companies on JP Jenkins’ platform will have the option to transition to the PISCES market, subject to meeting eligibility criteria and fulfilling the required disclosure obligations.
What are the next steps?
If you are a company interested in joining PISCES, or an investor seeking further information, please contact our team at info@jpjenkins.com or call +44 (0)20 7469 0937. JP Jenkins will provide further updates on launch timelines and onboarding processes in the coming months.
