LSE approved as first PISCES operator

Earlier today, the FCA approved the London Stock Exchange (LSE) as the first Private Intermittent Securities and Capital Exchange System (PISCES) operator - see the full press release here.  

PISCES trading venues will operate secondary markets for the trading of existing shares.  Participating companies will retain a high degree of control over how trading on a PISCES venue is conducted (including by setting the timing and frequency of trading events, defining pricing parameters, limiting trade sizes, and determining participant eligibility).

The LSE plans to launch its PISCES venue, the Private Securities Market, later this year.

Simon Walls, executive director of markets at the FCA, 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.

If you are interested in finding out more about PISCES, please visit our dedicated PISCES hub or contact one of our core PISCES team members:  AJ Venter, Guy Francis or Charlotte Hamilton.