PISCES framework 'a very welcome step forward' but limitations remain

‘Fits a hole in the investment landscape’

Sorin Dojan
clock • 3 min read

Financial services members have welcomed the launch of the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) on Thursday (15 February), but some warn this will not “explode as an opportunity”.

The PISCES framework aims to create a secondary market for trading shares in private companies, with stock markets expected to launch their PISCES platforms soon and trading to begin this autumn. UK Treasury delivers long-awaited PISCES framework with FCA rules to follow This comes after UK Chancellor Rachel Reeves committed to deliver PICSES by May 2025 in her 2025 Autumn Budget, a scheme initially proposed by her Tory predecessor Jeremy Hunt. In a message to markets after the launch of PISCES, Emma Reynolds, economic secretary to the Treasury, said getting the framework "up ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

FCA seeks feedback on high-risk products

FCA seeks feedback on high-risk products

Exclude products subject to marketing or distribution restrictions

Jen Frost
clock 30 June 2025 • 3 min read
FCA unveils targeted support plans 'to enable a greater culture of retail investment'

FCA unveils targeted support plans 'to enable a greater culture of retail investment'

Flags mixed consumer understanding

Isabel Baxter
clock 30 June 2025 • 6 min read
The Big Question: What will PISCES do for the UK market?

The Big Question: What will PISCES do for the UK market?

Eight experts answer

Investment Week
clock 27 June 2025 • 1 min read
Trustpilot