PISCES: The LSE’s Private Securities Market Fees

The London Stock Exchange has designed the fee structure of its PISCES trading venue, the Private Securities Market (“PSM”), to encourage early adoption. Companies that join the PSM before 2027 stand to benefit from waived annual fees and unlimited free auctions, while new Registered Auction Agents ("RAAs") have until 2028 to establish themselves without membership fees.

PSM COMPANY FEES

The standard annual listing fee for PSM companies is £25,000. As noted above, this annual fee is waived for all companies that join the PSM by 31 December 2026, with the standard annual fee applying from 1 January 2027 onwards.

The annual fee includes an entitlement to participate in up to two auctions per calendar year. Any unused auction entitlements expire on 31 December of the same year and cannot be carried forward.

For companies joining the PSM mid-year, the fee structure is pro-rated as follows:

Companies requiring more than their annual auction allowance will need to pay £15,000 per additional auction. However, this additional auction participation fee is also waived in full for all PSM companies up to and including 31 December 2026.

REGISTERED AUCTION AGENT (“RAA”) FEES

Membership

RAAs are bound by the terms and conditions of the Trading Services Agreement, with Annual Membership Fees applying as set out in the Membership Price List.

However, new RAA members who only facilitate PSM access, will pay no Annual Membership Fee until 31 December 2027.

Trading Transaction Fees

RAAs pay trading transaction fees based on the transaction value executed during an auction, with buyers paying 0.75% and sellers paying 1.00%. These transaction fees are being phased in gradually as follows:

KEY TERMS

UK Value Added Tax (“VAT”) at the prevailing rate (currently 20%) will be added to  fees if the PSM company or RAA is subject to UK VAT. PSM companies and RAAs with their principal place of business in the UK are likely to be considered subject to UK VAT.

Annual fees are invoiced in January for the 12 calendar months commencing 1 January to 31 December and must be paid within 30 days of the invoice date. The annual fee is for each year or part thereof and is therefore not refundable, including where securities cease to be traded on the PSM.

The LSE reserves the right to amend prices, dates or terms at its sole discretion.

If you are interested in finding out more about the PSM or PISCES, please visit our dedicated PISCES hub or reach out to one of our PISCES team members at Burges Salmon: AJ Venter, Nick Graves, Guy Francis, Charlotte Hamilton, or Eleanor Furlong.