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PISCES

A New Era for Private Market Liquidity
The FCA’s PISCES framework enables intermittent trading of private company shares in a regulated environment, providing liquidity for existing shareholders without the need for a public listing.

Asset Match & PISCES

Asset Match is an FCA approved PISCES operator, authorised to facilitate regulated intermittent trading events under the PISCES framework.


With over 13 years’ experience enabling liquidity in private company shares, and more than 45 companies traded via our auction-based model, Asset Match now delivers PISCES trading as a natural extension of our established platform, combining regulatory certainty, price discovery and controlled access to private markets.

What is PISCES?

PISCES (the Private Intermittent Securities and Capital Exchange System) is a UK government backed regulatory framework governing how shares in private companies can be traded.


Developed by HM Treasury and the Financial Conduct Authority (FCA), PISCES enables private companies to facilitate secondary trading of their existing shares through intermittent, regulated trading windows—without the cost, complexity or disclosure burden of a public listing.


Operating within the UK’s Financial Market Infrastructure Sandbox for an initial five year period, PISCES provides shareholders, employees and sophisticated investors with liquidity, transparency and regulatory oversight within a flexible structure.

What Does PISCES Enable?

PISCES is a secondary-market only framework. It does not support capital raising.

 

Key features include:

 

  • Scheduled trading windows
    Companies determine when trading events take place and how frequently.

 

  • Company‑controlled access
    Issuers define eligible participants and control investor access to company information.

 

  • Enhanced disclosure
    Core company information is shared via a secure, dedicated company page.

 

  • Auction-based price discovery
    Trading is executed via Asset Match’s proprietary single‑price auction mechanism, ensuring all trades complete at a uniform clearing price.

 

  • Flexible settlement options
    Companies may settle electronically via CREST (T+2) or operate a physical certificated settlement model.

 

  • Stamp duty exemption
    Share transfers executed under PISCES are exempt from UK stamp duty and SDRT.

Who is PISCES For?

PISCES is designed for:

 

  • Private companies (UK or international) that are not listed on a public exchange

 

  • Institutional investors, HNWIs, sophisticated investors and participating employees

 

  • FCA‑authorised intermediaries and market operators

 

It is particularly relevant for:

 

  • Growth‑stage companies seeking liquidity without an IPO

 

  • Investors seeking regulated access to private equity opportunities

 

  • Employees looking to realise value from equity compensation

Why PISCES Matters

A Regulated Alternative

PISCES provides a compliant and transparent solution to private share trading, significantly reducing reliance on informal or opaque secondary transactions.

 

Improved Liquidity and Valuation

Intermittent auctions create clearer price discovery while preserving issuer control over timing and participation.

 

A Stepping Stone to Public Markets

Companies can use PISCES to gain experience with regulated trading ahead of a potential IPO—without committing to public market obligations prematurely.

 

Supporting Institutional Capital Allocation

PISCES enables institutional investors, including pension funds, to meet investment objectives aligned with initiatives such as the Mansion House Accord by facilitating access to unlisted equities.

 

The Evolution of Private Market Trading

PISCES makes private markets clearer, more accessible and more efficient.

 

For companies, it offers a regulated route to provide shareholder liquidity, support employee share schemes and manage early investor exits—without surrendering strategic control.

 

For investors, PISCES introduces structured, transparent trading events that improve visibility and confidence compared with traditional bilateral private transactions.

 

By aligning the needs of issuers and investors, PISCES represents a significant step forward in the development of the UK’s private capital markets.

 

For investors, PISCES introduces structured trading events that improve transparency and price discovery compared to traditional private transactions. It creates opportunities to access unlisted equities in a controlled environment, supporting long-term investment strategies such as those outlined in the Mansion House Accord.

 

By meeting the needs of both companies and investors, PISCES helps build a more efficient and inclusive private market.

Want to Know More?

PISCES Rulebook

 

Asset Match operates PISCES trading events in accordance with the FCA‑approved PISCES Rulebook.

 

👉 Click here to view the Asset Match PISCES Rulebook 

 

If you’re a company, investor or intermediary interested in participating in PISCES trading on Asset Match, we’d be delighted to hear from you.

 

📧 PISCES@assetmatch.com
📞 0207 248 2788

 

Discover how PISCES can support your liquidity and investment objectives today.