FCA Finalizes Rules for Private Stock Market Launch in 2025

The Financial Conduct Authority (FCA) has unveiled final regulations for its Private Intermittent Securities and Capital Exchange System (PISCES), a groundbreaking private stock market set to debut in late 2025. This platform will enable secondary trading of shares in private companies, addressing growing demand as firms increasingly delay public listings.

PISCES creates an organized marketplace where institutional investors, high-net-worth individuals, and sophisticated traders can access growth-stage companies. Participating firms gain control over pricing parameters and investor eligibility while providing liquidity opportunities for existing shareholders. The FCA positions this as a strategic MOVE to maintain the UK''s competitive edge in global finance.

Simon Walls, the FCA''s executive director of markets, framed the initiative as calculated risk-taking: ''This bold design rebalances risk, but it is bold risk-taking that made the UK the leading financial center it is today.'' The system includes safeguards like mandatory risk disclosures for participants.