Globacap's Milston: Will PISCES prove to be a catalyst for the UK's capital markets?

Debate on listing solution

The UK government has been battling to improve the country’s capital markets after a dearth of listings, a succession of firms going public or moving existing listings overseas, mostly to the US, and many others de-listing and going private.

One of the key elements of its plan is the Private Intermittent Securities and Capital Exchange System (PISCES). PISCES will be a new platform that will facilitate the trading of existing shares in private companies on an intermittent basis. Originally announced as part of the 2022 Edinburgh Reforms, the government shared its design and opened a market consultation on the day of Chancellor Jeremy Hunt's Spring Budget, with the aim of going live by the end of 2024. The goal of PISCES is to create a new market to help private companies scale up and prepare them for a future listing, ...