Government goes further and faster to boost capital markets by delivering PISCES
Source: gov.uk (2025-05-14)

Capital markets are set to be boosted, as part of this government's Plan for Change.

- 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 that employees who have share options will be able to exercise them on PISCES and retain tax advantages, making the platform more attractive for companies and investors looking to use PISCES.
Capital markets are set to be boosted, as part of this government’s Plan for Change as we deliver legislation for PISCES, a new type of stock market which will give investors the chance to get in on the ground floor of some of the most exciting companies around, so supporting those businesses to grow.

Today’s announcement means that stock markets can launch their PISCES platforms in the coming months with shares likely to be traded in the Autumn. Thanks to PISCES, private company shareholders, which includes founders and early-stage investors, can more easily realise their gains and reinvest this in productive assets.

In a boost to growth companies and start-ups, the government has also confirmed that it will legislate to ensure employees retain tax advantages on the share options they have, which will make PISCES more attractive and encourage even more businesses to use the platform.

Emma Reynolds, Economic Secretary to the Treasury, said:

Getting PISCES up and running will support UK growth companies. This will boost our capital markets and help to grow our economy, putting more money in working people’s pockets as part of our Plan for Change.

We are also ensuring that employees will retain the tax advantages of shares traded on PISCES to boost the attractiveness of the product to high growth companies looking to expand.

Simon Walls, Executive Director of Markets at the FCA, said:

We are laying the groundwork for a new private stock market that will give investors more opportunities to invest in growing companies.

Today’s legislation is a big step forward and we will set out the final rules for PISCES soon. Together, this will support an organised marketplace to buy and sell private shares.

To ensure employees can continue to benefit from the tax advantages on their shares, the law will be changed to extend to the existing Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP) contracts to also include PISCES.

This is in addition to the announcement in the Autumn Budget making PISCES transactions exempt from Stamp Taxes on Shares. Today’s announcement on tax mean that employees as well as investors will benefit from the tax changes made, further increasing the attractiveness of the project.

Today’s reform delivers on the Chancellor’s commitment at Mansion House to deliver PISCES, a new innovative market for trading private company shares, combining features of private and public markets.

Companies and investors using the platform will benefit from greater flexibility and have greater freedom to choose when and to whom their shares are traded with, and they will only be required to disclose information ahead of trading.

The platform will act as a stepping stone for companies eyeing a listing in future preparing and easing the journey to an IPO.

With many companies choosing to stay private for longer, there is increasing demand for investors, including angel investors and employees, to be able to trade shares in private companies more easily.

The Financial Conduct Authority will publish their rules underpinning PISCES shortly after the legislation comes into force. Thereafter, those wishing to operate PISCES trading events can apply to the FCA. We expect to see the first PISCES trading events take place later this year.

Related publications:
- Written statement on PISCES made on 15 May 2025 (https://questions-statements.parliament.uk/written-statements/detail/2025-05-15/hcws639)
- The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (https://www.legislation.gov.uk/uksi/2025/583/contents/made)