Glossary · UK
What is PISCES?
The Private Intermittent Securities and Capital Exchange System — a new UK trading venue letting private companies allow existing shareholders and investors to trade shares periodically without a full stock market listing.
Full Definition
PISCES (Private Intermittent Securities and Capital Exchange System) is a new type of UK trading platform, developed by HM Treasury and the FCA under a bespoke regulatory sandbox, that lets private (unlisted) companies hold periodic trading events for their shares — allowing employees, early investors and other existing shareholders to sell some of their holdings for cash — without the company undertaking a full Initial Public Offering or becoming subject to the ongoing disclosure and governance obligations of a public listing. It sits between fully private share trading (illiquid, hard to price) and a public stock exchange listing, aimed at helping high-growth private UK companies retain and reward staff with equity that can actually be sold, and at keeping fast-growing firms in the UK for longer before (or instead of) listing abroad. PISCES operates under a temporary sandbox regime allowing the FCA to test and refine the regulatory approach before deciding whether to make it a permanent, fully legislated market structure.