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New Private Securities Market under FCA’s new PISCES framework

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New Private Securities Market under FCA’s new PISCES framework

A new type of private stock market which gives investors greater opportunities to buy stakes in growing companies is the Private Intermittent Securities and Capital Exchange System (PISCES). The PISCES framework allows the sale of shares in private companies to early-stage investors through intermittent scheduled windows, for example, monthly or quarterly.

The Private Securities Market (PSM) is a new FCA-approved trading venue, launched by the London Stock Exchange in 2025. In March 2026, Tradeable Private Equity (TPE) became the first company to launch a transaction on PSM under the FCA’s new PISCES Framework.

Opportunities for private companies and shareholders

The PSM enables private companies to now take advantage of the infrastructure of the public market while remaining a private company.

The PSM is targeted towards growth-stage private companies seeking shareholder liquidity without a full Initial Public Offering. It offers the following benefits:

  • More efficient transactions: access to the LSE’s efficient public-market technology.
  • Tailored shareholder base: choose between open or permissioned auctions.
  • Auction control: choose which investors may participate, when the auctions are scheduled, which securities are auctioned and the range within which price-formation can occur.
  • Improved share incentive offerings – greater options for employees to access earlier options from their share incentives.
  • Optimised investor outreach – manage investor disclosure to a timetable which matches your chosen requirements and internal processes.

A repeatable structure for liquidity – put in place arrangements to allow for repeat liquidity over time.

How Hamlins can help

Our Corporate team acts for entrepreneurs, SMEs and larger organisations, providing corporate, commercial advice and business expertise, both in the UK and internationally.

We have the expertise to advise and support companies at each stage of its journey. If you would like more information on how our Corporate team can help, please get in touch.