UK to Launch PISCES Private Market Platform in Late 2025

The UK''s Financial Conduct Authority (FCA) has unveiled plans to introduce the Private Intermittent Securities and Capital Exchange System (PISCES) by late 2025. This platform will enable private companies to sell shares without a full stock market listing, targeting institutional investors, high-net-worth individuals, and employees—while excluding retail participants due to higher risk.

PISCES eliminates continuous disclosure requirements like quarterly earnings reports, addressing liquidity demands from investors and employees locked into private shares. The FCA emphasized the model balances capital access for growing businesses with maintained investor protections.

A secondary shares market will follow initial launch, creating timed trading windows that avoid burdens of public listings. The initiative coincides with a proposal to scrap public value assessment reporting for fund managers.