The London Stock Exchange has been given the green light to operate a new platform, designed to trade private market investments.
This new PISCES platform has received approval from The Financial Conduct Authority (FCA), and is expected to launch later this year. The platform will bring together buyers and sellers of shares in private companies to trade on an intermittent basis.
FCA executive director of markets Simon Walls says: ”We are delighted to announce the first PISCES operator has been approved, marking a major milestone in our drive to boost growth and unlock capital investment.
“We are looking forward to seeing the first transactions, seeding a competitive market that gives greater investor access to growth companies.”
London Stock Exchange CEO Julia Hoggett adds: “Following several years of development by the UK Government and regulators with active engagement from practitioners across the market, the London Stock Exchange has now taken a significant step towards the launch of our private securities market later this year.
“This new market demonstrates our commitment to the creation of a genuine funding continuum from the private to public markets so that businesses in the UK and around the world can be effectively supported across all stages of their growth.
“We look forward to welcoming the first private companies to utilise the market when they have completed their preparations and to expanding the options they will have to realise their ambitions.”
Economic Secretary to the Treasury Emma Reynolds adds: “I am pleased to see the London Stock Exchange become the first operator to receive approval from the Financial Conduct Authority to run PISCES trading events. This represents the latest significant milestone for PISCES, and I look forward to seeing the first PISCES trading events.
“This government is committed to working with the regulators and business to enhance our capital markets offering, supporting economic growth, and putting more money in working people’s pockets as part of our plan for change.”