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UK markets regulator the Financial Conduct Authority (FCA) has approved unlisted securities trading venue JP Jenkins as the second operator of a platform under its new Private Intermittent Securities and Capital Exchange System (PISCES) regime, adding competitive pressure to the London Stock Exchange’s forthcoming Private Securities Market.
PISCES is the FCA’s new, sandbox-based private stock market framework designed to allow intermittent secondary trading in shares of private companies, giving growth firms a regulated route to periodic liquidity events without the continuous disclosure and trading obligations of a public listing.
‘We are delighted to authorise our second PISCES operator, another step towards delivering our vision of a competitive and innovative marketplace. We finalised the rulebook in the summer and have already approved 2 platforms. It goes to show how we are pulling together with industry to unlock new opportunities for investors and growth companies.’
Simon Walls, Executive Director of Markets, Financial Conduct Authority
Under the approval announced today, JP Jenkins will run a PISCES platform that brings together buyers and sellers of private company shares on an intermittent basis, via scheduled trading windows and periodic auctions. The FCA said bringing a second operator into the market should “boost competition, attract a greater variety of businesses and drive opportunities for investors”.
'Today’s news is the result of months of commitment and dedication by the entire team at JP Jenkins. We have worked at pace to get this project over the line and being granted the licence formally recognises not only our recent achievements but also our extensive knowledge of supporting unlisted companies, their investors and indeed the wider UK economy.'
Mike McCudden, Chief Executive Officer, JP Jenkins
UK markets regulator the FCA finalised the PISCES rulebook in June 2025, following enabling legislation passed earlier in the year under the Financial Services and Markets Act 2023. The sandbox approach is intended to support the UK’s wider capital markets reform agenda by making it easier for high-growth private companies to access institutional and sophisticated capital onshore, and by widening investor access to late-stage equity.
Today’s authorisation for JP Jenkins follows the FCA’s August 2025 decision to approve London Stock Exchange Group (LSEG) as the first PISCES operator, underpinning the Exchange’s planned Private Securities Market, which will also host intermittent auctions in shares of private companies.
'This Government is unlocking new opportunities for UK growth companies and investors by boosting our capital markets. I’m delighted to see PISCES move one step closer to trading today.'
Lucy Rigby KC MP, Economic Secretary to the Treasury
In its latest statement, the FCA highlighted the pace of progress since the rules went live, noting that extensive pre-application and application support has so far resulted in two platform approvals within a matter of months, with discussions ongoing with additional prospective operators.
For JP Jenkins, which positions itself as the UK’s largest liquidity venue for unlisted assets, the PISCES licence formalises its role in the evolving private markets infrastructure. The firm already facilitates trading in more than 60 unlisted securities and has integrated electronically with existing market infrastructure, allowing regulated institutions to access prices and route orders via standard order management systems.
The FCA’s move also marks a further step in efforts by government and regulators to revitalise the UK’s equity ecosystem. Alongside reforms to listing rules and the UK prospectus regime, PISCES is intended to close the gap between private and public capital markets, giving founders and early investors more options for staged liquidity while keeping companies within the UK regulatory perimeter.
With London Stock Exchange Group and JP Jenkins now both approved to run PISCES platforms, attention will turn to how issuers, intermediaries and institutional investors respond – and whether intermittent, regulated private markets can scale to become a meaningful complement to AIM and the main market for growth-stage equity in the UK.
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