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

'World-first' framework

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...