The Financial Conduct Authority (FCA) has granted approval for the London Stock Exchange (LSE) to operate a Private Intermittent Securities and Capital Exchange System (PISCES) platform.

The LSE is the first operator to be granted approval for a PISCES platform, which is a new type of private stock market.

PISCES is a trading platform that will seek to enable the intermittent trading of private company shares using market infrastructure.

The FCA published its final rules for PISCES in June 2025, with access to be limited to institutional investors, high net worth individuals (HNWI), sophisticated investors, and employees of participating companies.

The platform will be delivered through a sandbox, enabling the FCA to test the design before finalising a permanent regime in 2030.

Commenting on the LSE being the first approved PISCES operator, FCA executive director of markets, Simon Walls, said: “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 of many transactions, seeding a competitive market that gives greater investor access to exciting growth companies.”

LSE CEO, Julia Hoggett, said the operator was “delighted” to be the first to have been granted a PISCES Approval Notice by the FCA.

“Following several years of innovative development by the UK government and regulators with active engagement from practitioners across the market, the LSE has now taken a significant step towards the launch of our Private Securities Market later this year,” she continued.

“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, added: “I am pleased to see the LSE become the first operator to receive approval from the FCA 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.”

IG UK managing director, Michael Healy, said that while efforts to innovate and accelerate engagement with the UK markets were more than welcome, it was “frustrating” that access has been restricted to institutional investors, HNWIs, and employees of participating companies.

“This cuts out most retail investors, meaning the UK risks falling behind recent developments in the US,” he stated.

"With the Chancellor on a mission to increase domestic investment, blocking access to exciting and innovative assets is a missed opportunity. And it makes listing less attractive too - high growth firms will go where the demand and liquidity is.”

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