The Financial Conduct Authority (FCA) has approved the London Stock Exchange to operate PISCES, the world’s first regulated private stock market. The platform will allow trading of shares in private companies on an intermittent basis, using mechanisms such as periodic auctions or limited continuous trading sessions.
PISCES (The Private Intermittent Securities and Capital Exchange System) will initially run within the FCA’s financial markets infrastructure sandbox, enabling the regulator to test and refine the system before introducing a permanent framework in 2030. This marks the second use of the sandbox powers, following the Digital Securities Sandbox.
The legislative framework for PISCES was finalised through a Statutory Instrument laid before Parliament in May 2025. Firms seeking to operate a PISCES platform must apply to the FCA, which has published guidance to support both pre-application and application processes.
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