The London Stock Exchange has become the first operator to be granted a PISCES Approval Notice (PAN) by the Financial Conduct Authority (FCA) for its Private Securities Market. The new secondary market will, for the first time, provide private companies with access to intermittent liquidity auctions leveraging the London Stock Exchange’s public markets infrastructure. When launched, this market will expand the options available to private companies and their shareholders, including employees, to access liquidity and provide investors with the opportunity to invest in the next generation of high-growth private companies.
The London Stock Exchange has now published a Stock Exchange Notice, accompanied by its draft rule books for the Private Securities Market. The final form of the rules will be published and come into effect upon the launch of the new market. From launch, companies, investors and advisors will be able to begin their preparations for auction events through the London Stock Exchange’s Disclosure Portal. Companies will have the flexibility to set a timetable of events for their auction; and will be required to provide sufficient time for investors to review disclosure information and ask questions ahead of the auction.
Julia Hoggett, CEO, London Stock Exchange plc, said:
“We are delighted to be the first venue operator to have been granted a PISCES Approval Notice by the FCA. Following several years of innovative development by the UK Government and regulators with active engagement from practitioners across the market, the London Stock Exchange has now taken a significant step towards the launch of our Private Securities Market later this year.
“This new market demonstrates our commitment to the creation of a genuine funding continuum from the private to public markets so that businesses in the UK and around the world can be effectively supported across all stages of their growth. We look forward to welcoming the first private companies to utilise the market when they have completed their preparations and to expanding the options they will have to realise their ambitions.”
Simon Walls, Executive Director of Markets, 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."
Emma Reynolds, Economic Secretary to the Treasury, said:
"I am pleased to see the London Stock Exchange become the first operator to receive approval from the Financial Conduct Authority to run PISCES trading events. This represents the latest significant milestone for PISCES, and I look forward to seeing the first PISCES trading events.
"This government is committed to working with the regulators and business to enhance our capital markets offering, supporting economic growth, and putting more money in working people’s pockets as part of our Plan for Change."
With a proportionate disclosure framework designed for professional and sophisticated investors, all existing shareholders of participating companies, including company employees, will be able to sell shares, with eligibility criteria for investors set in legislation. In its March 2025 Spring Statement, the UK Government announced that PISCES transactions will be exempt from stamp duty, reducing the cost and simplifying transactions for investors. Additionally, in May 2025, the UK Government confirmed it will permit existing EMI (Enterprise Management Incentive) and CSOP (Company Share Option Plan) options to be amended so that they can be sold on PISCES venues such as the Private Securities Market whilst retaining their tax efficient status.
Through our Disclosure Portal private companies will have full control over the frequency of their auctions on the Private Securities Market and will be able to choose whether to open the auctions to all eligible investors or restrict access to a more limited group. This will enable private companies to evolve their shareholder base and control who can access their company disclosures, as well as set the range within which price-formation can occur. Eligible investors can register for open auctions and request access to permissioned auctions, as well as engage with companies on their disclosures through our Q&A facility. Banks, brokers, and other intermediaries can register with the London Stock Exchange as Registered Auction Agents (RAAs), a new type of member firm, that will be able to consider the eligibility of investors and place trades on behalf of investors. The same technology that underpins the London Stock Exchange’s public markets will be used to quickly and efficiently match buyers with sellers and settle transactions.
Read about the PISCES Approval Notice here: First PISCES operator gets greenlight in drive for growth
Read the Stock Exchange Notice and the draft rule books here: 2025 London Stock Exchange notices
Learn more about the new market here: The London Stock Exchange’s Private Securities Market
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LSEG Press Office
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About the London Stock Exchange:
The London Stock Exchange is proud to set the stage for your success, where ideas meet capital and become reality. We connect companies, countries, and investors in the real world to make measurable and positive differences across the globe.
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About LSEG
LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.
With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes.
LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.
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