UK Regulators Unveil PISCES – A New Era for Private Share Trading

The UK''s Financial Conduct Authority (FCA) is set to launch the Private Intermittent Securities and Capital Exchange System (PISCES) later this year, marking a significant shift in private share trading. Designed exclusively for institutional investors, high-net-worth individuals, and company employees, PISCES offers private companies a streamlined avenue to sell shares without the rigors of public listings.

The platform addresses startup illiquidity by enabling time-limited trading windows, allowing early investors and employees to monetize equity while maintaining company control over pricing and buyer selection. Notably, PISCES exempts participants from continuous disclosure requirements like quarterly earnings—a MOVE aligned with the FCA’s parallel proposal to reduce sustainability reporting burdens and limit shareholder visibility thresholds to 25% stakes.

Operating as a five-year regulatory sandbox, PISCES exemplifies the FCA’s push to modernize capital markets through controlled innovation. This initiative could indirectly influence cryptocurrency markets by diverting institutional attention toward alternative private investment vehicles, though no direct crypto assets or exchanges are implicated in the current framework.