CP24/29: Private Intermittent Securities and Capital Exchange System: sandbox arrangements

Read CP24/29[1]

Why we are consulting

We’re consulting on the regulatory framework for the Private Intermittent Securities and Capital Exchange System (PISCES).

PISCES will be a new type of trading platform that will enable intermittent trading of private company shares using market infrastructure. 

The proposed regulatory framework for PISCES will be established under a Financial Market Infrastructure (FMI) sandbox created by the Treasury. Our consultation should be read alongside: 

• The Treasury’s response to its consultation on the PISCES sandbox.
• The draft Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025[2] (‘the draft PISCES sandbox regulations’).

Who this is for

Our proposals will be of interest to: 

• trading venue and platform operators
• private companies
• current and potential investors in private companies
• regulated trading intermediaries
• post-trade service firms
• professional advisors, including lawyers and accountants
• relevant trade bodies and associations

Next steps

Online response form[3]

We are asking for comments on this Consultation Paper by 17 February 2025.

You can send them to us using the form, or by emailing [email protected].

You can also write to: Mark Nicol, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

We’ll consider all responses as we finalise the regulatory framework for PISCES. We’ll publish made rules after the Treasury has laid its final statutory instrument before Parliament, which we expect to be by May 2025.  

Background

UK public markets are among the deepest and most liquid in the world. By bringing some of the trading infrastructure used in public markets to private companies through PISCES, these markets will better serve a wide range of companies across more stages of their life cycle. This will promote growth and support innovation in our economy.