The Financial Conduct Authority has authorised the London Stock Exchange to operate the UK’s first Private Intermittent Securities and Capital Exchange System (PISCES) platform.
The platform will allow the LSE to operate a "new type of private stock market", the regulator explained, by bringing together buyers and sellers of shares in private companies to trade on an intermittent basis. PISCES will be delivered through a financial markets infrastructure sandbox, allowing the watchdog to test its design before finalising a permanent regime in 2030. FCA executive director of markets Simon Walls said the "major milestone" of the first PISCES operator approval will boost growth and unlock capital investment in the UK. "We are looking forward to seeing the firs...
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