PISCES: Redefining Private Market Liquidity
The Private Intermittent Securities and Capital Exchange System (PISCES) is an innovative initiative by the UK government and the Financial Conduct Authority (FCA) to revitalise capital markets by facilitating the intermittent trading of private company shares. This platform bridges the gap between private enterprises and public markets, offering a structured environment for liquidity without the extensive regulatory requirements of a public listing.
The owners of private companies will gain a unique opportunity to sell shares to institutions and professional investors through PISCES, a new trading system designed to bolster the competitiveness of the London market. Unlike public markets, PISCES allows for intermittent trading events without the need to comply with stringent market abuse regulations.
Instead of traditional rules, PISCES will adopt a "disclosure-based regime," where companies must provide key updates to investors ahead of each trading event. This tailored approach mirrors private market practices while ensuring transparency.
The Financial Conduct Authority (FCA) envisions PISCES as an innovative, flexible, and efficient solution for private companies, creating concentrated liquidity events for investors to buy and sell shares. However, the FCA has emphasised that investors must understand the higher risks compared to protections on public markets.
Under this system, the London Stock Exchange and other operators can apply to manage their own PISCES platforms.
These operators will be responsible for monitoring and addressing manipulative trading practices under the supervision of the FCA. Final rules for PISCES will be published next summer, with a "sandbox" regime in place to refine the framework until then.
PISCES will operate through scheduled trading events, allowing private companies to facilitate shareholder liquidity at intervals that suit their strategic needs—quarterly, annually, or bespoke. This ensures a balance of flexibility and control, free from the relentless demands of public exchanges.
1. Intermittent Trading Windows
The platform is designed for institutional investors, high-net-worth individuals, and self-certified sophisticated investors, ensuring a controlled and informed trading environment.
2. Exclusive Investor Participation
PISCES will be established within the Treasury's Financial Market Infrastructure (FMI) sandbox, allowing for the testing and refinement of regulatory requirements to support innovation while maintaining market integrity.
3. Regulatory Framework via FMI Sandbox
"As a discerning investor, I've found Stockatonia to be an indispensable partner in my financial journey. The exclusive access and connections they offer, including numerous Zoom calls with industry leaders and bi-monthly FTSE 350 AGM meet and greets, have expanded my network and provided valuable insights. Stockatonia is more than a service; it's a gateway to opportunities and success in the stock market."
4. Tailored Disclosure Regime
A specialised regime will govern market conduct within PISCES. Notably, traditional market abuse rules, including those against insider trading, will not apply; instead, the platform will operate under a distinct set of guidelines tailored to its unique structure.
5. Market Conduct Regulations
Join the Stockatonia's alliance: Perfectly Positioned to Lead
Stockatonia is uniquely positioned to capitalise on this groundbreaking opportunity. By leveraging our extensive network of high-net-worth investors and empowering financial intermediaries—including accountants, lawyers, and wealth managers—we provide a sophisticated platform that facilitates both capital raising for the businesses they serve and wealth creation for their distinguished clientele.
As a trusted collaborator of the only UK financial investment platform regulated by the FCA and backed by the London Stock Exchange Group as an investor and partner, Stockatonia stands as a beacon of trust, credibility, and expertise. This unmatched foundation ensures we remain at the forefront of innovation, driving success in the rapidly evolving private equity market and bringing PISCES to life.
High-Net-Worth Individuals: Discover unique investment opportunities within the private market landscape through PISCES. Join the Stockatonia Investor Network to stay informed and position yourself at the cutting edge of market developments.
To learn more or express your interest, join the waiting list to secure your place in this evolving landscape of private equity. Your future, reimagined.
Call to Action for Financial Intermediaries, Companies, and High-Net-Worth Individuals
Be Part of PISCES: Shaping the Future of Capital Markets and Shareholder Liquidity
Financial Intermediaries: Join the forefront of financial innovation by becoming part of the Stockatonia Investor Network. Engage with a community dedicated to exploring new avenues in private market trading and gain access to exclusive insights and opportunities.
Companies: Don’t Get Left Behind
PISCES is your gateway to transforming shareholder liquidity and staying ahead in a competitive market. This revolutionary platform lowers barriers to entry, enabling your competitors to raise capital more efficiently and gain a critical edge.
The ability to secure funding faster and more flexibly could provide them with significant capacity advantages, leaving you struggling to play catch-up. Don’t risk falling behind—act now to strengthen your position, optimize shareholder relations, and unlock future growth opportunities before the competition overtakes you. Lead the change with PISCES!
If you are a startup or under three years old and looking to raise finance, the Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) offer highly tax-efficient solutions for UK investors. These powerful funding mechanisms, introduced by HMRC, are designed to help businesses raise capital while providing substantial tax benefits to investors.
Specifically tailored for early-stage and growing companies, these schemes present an ideal pathway to secure the funding needed to scale your business effectively.
Learn more about how SEIS/EIS can support your growth and how we can assist you in leveraging these opportunities to unlock your venture's full potential.