The UK is shaking up its financial scene with PISCES – the Private Intermittent Securities and Capital Exchange System. This new platform is designed to boost capital markets and support fast-growing private companies. PISCES offers a fresh way for investors to trade shares in private firms, bringing flexibility, transparency, and opportunity.
PISCES is like a private stock market where shares in private companies are traded during specific events, not continuously. This means companies can control when and how their shares are traded. Investors get a chance to buy into promising businesses before they go public, and employees and early investors can cash in and reinvest in growth. Unlike traditional public markets, PISCES operates under a sandbox regulatory framework, allowing for innovation while keeping investors protected.
Launched as part of the UK government’s Plan for Change, PISCES aims to boost the IPO pipeline by supporting growth-stage companies, providing liquidity to founders, employees, and early investors, and encouraging broader participation in private equity markets. The Financial Conduct Authority (FCA) set the final rules for PISCES in June 2025, and the Treasury will review its effectiveness by June 2030.
Key features of PISCES include:
- Intermittent trading events where companies choose specific windows for share trading.
- Customisable access allowing firms to decide who can buy shares and set price floors/ceilings.
- Regulatory oversight ensuring platforms are FCA-approved and operate within defined rules.
- Tax advantages for employees exercising share options under EMI and CSOP schemes.
Recent developments include the government legislating to establish the PISCES sandbox, enabling platforms to launch in Autumn 2025, and the exemption of PISCES transactions from Stamp Taxes on Shares, making it more attractive for investors. Additionally, share options traded on PISCES retain tax advantages, encouraging more companies to adopt the platform.
PISCES introduces new considerations such as valuation and reporting, tax planning, and corporate governance. Intermittent trading may affect share valuations and financial disclosures, advising clients on EMI and CSOP implications under PISCES, and helping clients navigate platform approvals and compliance.
The Scheme represents a bold step toward modernising UK capital markets.
