LSE PISCES
London Stock Exchange Private Intermittent Securities and Capital Exchange System — a new platform enabling intermittent trading windows for private company shares. First transaction reported February 2026.
General Information
LSE PISCES (Private Intermittent Securities and Capital Exchange System) is a new initiative by the London Stock Exchange to create a regulated venue for intermittent trading of private company shares. The first transaction was reported in February 2026.
PISCES operates within the FCA's regulatory sandbox framework and aims to provide periodic trading windows — rather than continuous trading — for shares in private companies that are not yet ready for or interested in a full public listing. The initiative represents a significant development in UK private market infrastructure.
How does it work?
PISCES provides intermittent trading windows during which buyers and sellers can trade shares in participating private companies. Unlike a traditional stock exchange with continuous trading, PISCES operates periodic events where orders are matched. The London Stock Exchange provides the trading infrastructure and regulatory framework.
What do they offer?
PISCES offers regulated secondary market trading in shares of participating private companies. The platform provides price transparency and a structured mechanism for liquidity events. Access may be restricted to certain investor categories depending on the company and regulatory requirements.
Who is it for?
PISCES is for investors and shareholders in private companies seeking regulated liquidity events. The platform is in its early stages and the range of participating companies may be limited initially. Private company shares remain high-risk and illiquid between trading windows. Capital is at risk.
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Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice and should not be considered as such. In particular, it does not constitute personal advice — please consult a qualified financial adviser to address your particular personal requirements. Other is not regulated by the Financial Conduct Authority (FCA), its authors are not financial advisers and it is therefore not authorised to offer financial advice. This article is not intended as an offer, invitation or solicitation for the purchase or sale of any investment, nor is its issuance intended to give rise to any other legal relations whatsoever and must not be relied upon for the purposes of any investment decision. The information contained in this article is subject to updating, revision and amendment.
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