PISCES

Asset Match has long been at the forefront of enabling liquidity in private markets. With over 13 years of experience running periodic auctions in the shares of private companies and over 45 companies traded on our platform, we are excited by the opportunity PISCES presents to further enhance transparency, investor access, and regulatory confidence.  

We are actively preparing our application to become a FCA-approved PISCES operator, allowing us to host regulated trading events under the PISCES framework. This will complement our existing services and provide our clients with even greater flexibility and reach. 

PISCES the Private Intermittent Securities and Capital Exchange System, is a UK government-backed initiative designed to provide a regulatory framework determining how shares in private companies are traded. Developed in collaboration with the Financial Conduct Authority (FCA) and His Majesty’s Treasury (HMT), PISCES enables private companies to offer and trade their existing shares through intermittent, regulated trading windows, without the need for a full public listing. 

Operating within the UK’s Financial Market Infrastructure Sandbox for an initial five-year period, PISCES offers shareholders, employees and sophisticated investors liquidity and transparency all within a controlled and flexible framework. 

PISCES facilitates secondary trading only; it is not a platform for raising new capital. Its key features include: 

• Scheduled trading windows: Companies choose when and how often shares are traded. 

• Investor control: Companies can define who can participate in auctions and access company information. 

• Disclosure standards: Core company information is shared via a dedicated secure company page enhancing transparency.  

• Auction-based price discovery: Trades are executed using Asset Match’s proprietary algorithm determining a single closing price at which all shares transact. 

• Flexible settlement: Companies can choose to operate fully electronic settlement via CREST with all CREST enabled transactions settled on a T+2 basis. Alternatively, companies can opt to operate a physical certificated settlement model. 

• Stamp duty exemption: Share transfers on PISCES are exempt from UK stamp duty and SDRT. 

PISCES is designed for: 

• Private companies based in the UK or overseas who are not listed or any public exchange 

• Institutional investors, high-net-worth individuals (HNWIs), sophisticated investors, and employees of participating companies. 

• Financial intermediaries and platform operators approved by the FCA. 

It is particularly valuable for: 

• Growth-stage companies seeking liquidity without a premature IPO. 

• Investors looking for access to private equity opportunities. 

• Employees with equity-based compensation seeking a route to monetisation. 

PISCES represents a significant evolution in UK capital markets, designed to unlock liquidity and create new opportunities for private companies and investors. It offers;

• A Regulated Alternative
  PISCES offers a compliant, transparent solution for secondary trading in private markets, reducing reliance on informal or opaque mechanisms.

• Enhanced Liquidity and Price Discovery
  By enabling periodic auctions, PISCES improves access to liquidity and delivers clearer valuation signals for private shares.

• A Stepping Stone to Public Markets
  Companies can use PISCES as a transitional stage, gaining experience with regulated trading before pursuing an IPO.

• Supporting Institutional Investment
  PISCES creates a structured route for pension funds and institutional investors to meet commitments under the Mansion House Accord by allocating capital to unlisted equities.

The Future of Private Market Trading

PISCES is designed to make private markets clearer and more accessible for everyone involved. For companies, it offers a regulated way to provide liquidity to existing shareholders without going through a full public listing. This can help with employee share schemes, early investor exits, and planning for future growth.

For investors, PISCES introduces structured trading events that improve transparency and price discovery compared to traditional private transactions. It creates opportunities to access unlisted equities in a controlled environment, supporting long-term investment strategies such as those outlined in the Mansion House Accord.

By meeting the needs of both companies and investors, PISCES helps build a more efficient and inclusive private market.

If you’re a company, investor, or intermediary interested in learning more about PISCES or Asset Match’s plans to become a PISCES operator, we’d love to hear from you. 

Get in touch today at PISCES@assetmatch.com or call 0207 248 2788 to discover how PISCES can help you achieve your liquidity and investment objectives.