Exclusive: Government adds employee tax break to Pisces

PISCES will reduce 'cliff edges' - FCA's Relleen - Global Trading

The UK Government has established the legal framework for the Private Intermittent Securities and Capital Exchange System (PISCES) stock market system. Stock markets will be able to launch Private Intermittent Securities and Capital Exchange System (PISCES) platforms “in the coming months, with shares likely to be traded in the Autumn,” the Treasury stated. Through PISCES, which allows for the intermittent trading of private company shares, UK a…

UK Government Legislates for Private Companies Market - Markets Media

Government delivers legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) – an innovative new type of stock market for private companies that will boost the growth companies of the future and support the UK’s IPO pipeline. This delivers on the Chancellor’s Mansion House commitment to launch PISCES by May, with share trading taking place later this year. The government will legislate to ensure t…

HMT announces final PISCES legislation

On 15 May 2025, HM Treasury (HMT) announced that it has laid the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (SI 2025/583) (the Regulations). The Regulations have been published on legislation.gov.uk along with an explanatory memorandum. Background The Regulations, a draft which was published in November 2024, establish the legal framework for PISCES, a new type o…

Exclusive: Government adds employee tax break to Pisces

The government has introduced legislation for the new ‘Pisces’ market designed to allow trading for private companies, extending share tax breaks for employees to the platform, City AM can reveal. Pisces—the Private Intermittent Securities and Capital Exchange System—was devised by the previous government as part of an effort to revive UK capital markets. The platform has been designed to allow private firms to trade shares at intervals similar …