Connection Capital's Claire Madden: The new PISCES plan lacks legs

Solution arguably already exisits

When a new plan to create a platform for secondary trading in private company shares was announced in the Budget (known as the Private Intermittent Securities and Capital Exchange System - or PISCES), the private investment community could be forgiven for feeling a sense of déjà vu.

Attempts to inject more liquidity into what is essentially an illiquid market have been tried before without much success, from Angel Bourse in the early 2000s via several incarnations since. Will it work this time? Spring Budget 24: UK Treasury to establish venue for private companies to trade shares There are reasons for serious doubts. The main pitfall concerns valuations. Many potential investors will rightly be asking how the value of shares being traded is going to be verified. Unlike public markets which demand transparency over a company's financial information and perfo...