PISCES stands for Private Intermittent Securities and Capital Exchange System, a platform that allows trading of shares in private companies during specific trading windows.

What is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) is a regulatory body in the UK that oversees financial markets and firms to ensure consumer protection and market integrity.

What are unlisted assets?

Unlisted assets refer to investments that are not traded on public exchanges, often including private equity and shares in private companies.

What is a trading platform?

A trading platform is software that allows investors to buy and sell financial assets, such as stocks, bonds, and cryptocurrencies, through a broker.

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Home > Finance > Second UK company wins approval for new private share-trading platform

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Second UK company wins approval for new private share-trading platform

Published by Global Banking & Finance Review®

Posted on November 18, 2025

2 min read

Last updated: January 20, 2026

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UK Grants Approval for New Private Share-Trading Platform

LONDON (Reuters) -UK unlisted assets specialist JP Jenkins has become the second company to win British regulatory approval to operate a new exchange to allow investors to trade shares in private companies, the markets watchdog said on Tuesday.

The Financial Conduct Authority, which in August approved a similar request from the London Stock Exchange, said a second operator of a Private Intermittent Securities and Capital Exchange System (PISCES) platform would boost competition and drive investor opportunities.

Britain set out draft rules last year to allow trading in private companies on regulated exchanges in the hope of stemming delistings and outflows from UK capital markets while offering private firms a quicker route to new investors.

Regulated PISCES platforms, which connect buyers and sellers of shares in private companies during special trading windows, can allow companies to raise money, test valuations and reward insiders without the costs of a public listing.

In an attempt to kick-start anaemic growth, ministers and regulators are hoping PISCES will help unlock capital for private firms, although some bankers fear hits to revenues and being bypassed in a booming market for private capital. Others voice concerns about lighter disclosure demands.

Mike McCudden, the chief executive of JP Jenkins, said the company is already speaking with prospective users of the market and expected to provide further updates early next year.

"It's all about opening up the private markets, bringing in new capital and allowing these companies and their investors to access liquidity, all of which has a knock-on positive effect for the UK economy," he told Reuters.

The firm offers privately-held companies access to a network of brokers and agents and can connect buyers and sellers of unlisted assets.

The Financial Conduct Authority said discussions with other companies interested in becoming PISCES operators were continuing.

(Reporting by Kirstin Ridley and Charlie Conchie; Editing by Conor Humphries)

Second UK company wins approval for new private share-trading platform

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UK Grants Approval for New Private Share-Trading Platform

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