First PISCES auctions take place

March 2026 has seen some important milestones in the development of PISCES (the Private Intermittent Securities and Capital Exchange System; further background on this framework can be found on our dedicated PISCES hub here).

On 18 March 2026 JP Jenkins Private Market opened the order window for the first ever PISCES liquidity event (see the announcement here). Approved investors had until 24 March 2026 to trade in the shares of UK-based private limited company QPLAY Ltd, which manufactures next-generation board games. 

Just a day after the JP Jenkins auction uncrossed, on 25 March 2026 the London Stock Exchange confirmed that the first permissioned auction had also completed on their Private Securities Market. The transaction was carried out through a Tradeable Private Equity Investment Company or “TPEIC” which holds secondary shares in Oxford Science Enterprises.

These transactions represent an exciting new phase for the PISCES framework and will promote confidence in companies and investors interested in private market opportunities.

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

"Getting PISCES up and running will support UK growth companies. This will boost our capital markets and help to grow our economy" Emma Reynolds, Economic Secretary to the Treasury

https://www.gov.uk/government/news/government-goes-further-and-faster-to-boost-capital-markets-by-delivering-pisces