Rachel Reeves commits to establishing PISCES framework by May 2025 in Mansion House speech

'World-first' framework

Linus Uhlig
clock • 4 min read

In an attempt to reinvigorate the UK’s capital markets, Rachel Reeves will use her Mansion House speech tonight (14 November) to commit to establishing the Private Intermittent Securities and Capital Exchange System (PISCES) by May next year.

Proposed by the former chancellor Jeremy Hunt in March's Spring Budget, the scheme would seek to create a world-first regulated market for trading private company shares, with transfers set to be exempt from stamp duty taxes on stocks.  The previous government's vision for PISCES included a blend of features of public markets, including multilateral trading, and aspects of private markets, such as greater discretion on which company disclosures should be made public. As such, the system is designed to facilitate access to capital and improved liquidity for early-stage private companie...

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 Markets

Four Graphs explaining how interest rate expectations changed in 2024

Four Graphs explaining how interest rate expectations changed in 2024

Four experts write

Investment Week
clock 04 December 2024 • 3 min read
IPO activity predicted to return in 2025 as dealmakers turn increasingly bullish

IPO activity predicted to return in 2025 as dealmakers turn increasingly bullish

Moonfare analysis

Linus Uhlig
clock 04 December 2024 • 2 min read
Carmignac's Maxime Carmignac: Why secondaries can help solve a multimillion-dollar question

Carmignac's Maxime Carmignac: Why secondaries can help solve a multimillion-dollar question

A 'bit of a no-brainer'

Maxime Carmignac
clock 29 November 2024 • 4 min read
Trustpilot