The UK Treasury has unveiled proposals to create a venue where private companies can trade their shares, the Private Intermittent Securities and Capital Exchange System (PISCES).
In a consultation paper accompanying the chancellor's Spring Budget, the government has outlined plans for a system designed to support early-stage private companies in accessing capital to scale up, provide liquidity and enable shareholders to realise their gains. PISCES proposes a blend of public market features, including multilateral trading, and private market aspects, such as greater discretion on what company disclosures should be made public. It provides a regulatory framework for the intermittent trading of private company shares on a multilateral system, with an accompanyi...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- 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
