JP Jenkins

JP Jenkins Limited is a UK-based secondary-market venue for unlisted securities. The firm is directly authorised and regulated by the Financial Conduct Authority (FRN 1037394) and was approved as a PISCES (Private Intermittent Securities and Capital Exchange System) operator in November 2025 — the second operator licensed under the regime after the London Stock Exchange.

The business traces its lineage to the OFEX market established by John Jenkins in 1991, though the current legal entity received its direct FCA authorisation in 2025 (earlier "JP Jenkins" trading activity was conducted by CrowdX Limited as an appointed representative of Prosper Capital LLP). JP Jenkins was acquired by InfinitX in 2023 and uses InfinitX's exchange-grade matching engine and broker connectivity. The venue reported 53 listed securities at the time of the cited website snapshot.

Investors cannot trade directly on JP Jenkins — orders must be routed through an FCA-authorised broker (or equivalent third-country authorised intermediary) that connects to the venue. Trades execute on JP Jenkins' electronic matching system and settle via CREST, typically on a T+2 basis, with cash and securities moving through the investor's broker.

The venue supports two trading models:

• Matched Bargain Facility (MBF): an order-driven, continuous matched-bargain model for bilateral trades, suitable for closely held or earlier-stage companies.
• Private Market (PISCES): periodic auction-style liquidity events operated under the PISCES sandbox framework, with participant eligibility criteria set by the regime.

Using licensed brokers and CREST settlement provides familiar operational mechanics comparable to regulated public markets, while the two trading models offer different trade frequency and regulatory treatment that affects liquidity and tax (some PISCES trades are exempt from stamp duty).

JP Jenkins facilitates secondary trading in unlisted securities — shares, warrants, loan notes and options — via its MBF and PISCES venues.

Fees: the platform charges 1.5% of the transaction price to both buyer and seller and a £25 settlement/transaction fee; brokers may add their own fees and SDRT may apply depending on the venue and trade. For issuers, MBF service fees are reported to start from £1,250 per calendar month (ex VAT) and PISCES listing fees from around £10,000 (ex VAT), with final pricing dependent on activity and complexity.

JP Jenkins publishes the JP Jenkins-15 index of its 15 largest listed stocks (market-cap weighted, quarterly rebalance, 20% constituent cap) as a venue benchmark. The index reported a 0.2% gain in September 2025, and the venue's aggregate market valuation was reported to surpass £2 billion in February 2026. QPLAY was cited as the first company to complete a PISCES liquidity event on JP Jenkins in March 2026.

JP Jenkins is aimed at investors and companies seeking regulated secondary-market access for unlisted securities. The Private Market (PISCES) model is generally accessible to sophisticated and institutional investors, high-net-worth individuals and eligible employees, subject to participant eligibility under the PISCES regime; retail access may be restricted depending on self-certification.

The platform is not a direct retail trading venue — investors must use an approved broker, and JP Jenkins does not provide personal investment or tax advice. Prospective investors should be comfortable coordinating with a regulated broker and accept that liquidity and custody arrangements differ from retail equity trading platforms.