The new Labour Government remains dedicated to advancing the Private Intermittent Securities and Capital Exchange System (Pisces), a specialized regulated market for private company shares.
Originally initiated by the previous Conservative Government, Pisces blends features from public markets—such as multilateral trading—with aspects of private markets that allow for greater discretion regarding company disclosures.
In light of developments within the FCA’s financial market infrastructure sandbox, Pisces is viewed as a crucial component of ongoing reforms aimed at enhancing the UK’s appeal as a listing destination.
During the launch of the Capital Markets Industry Taskforce conference, Economic Secretary to the Treasury Tulip Siddiq stated that one of her initial tasks will be to carefully review feedback from a consultation started earlier this year.
“While it’s clear to me that there is significant support for the Pisces project, it is also evident that we need to refine our approach regarding disclosure and market abuse. Please be assured that my officials and I will continue collaborating with you,” Siddiq conveyed during the conference.
She emphasized that all feedback would be taken into account in the final proposal to ensure that Pisces fulfills its potential.