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IPO Hesitancy Pays Off for Platforms That Trade Private Shares

January 17, 2025 | 1 minutes reading time | By John Hintze

A Nasdaq spin-off sets an innovative pace. U.K. officialdom paves the way for upstart PISCES.

In mid-December, the United Kingdom’s Financial Conduct Authority issued “proposals for a new platform – the Private Intermittent Securities and Capital Exchange System (PISCES) – on which shares in private companies will be bought and sold.”

The consultation came amidst heightened concern and consternation about a falloff in London Stock Exchange (LSE) initial public offerings and a loss of listings to markets perceived to be more robust and dynamic, particularly in New York.

“Because reforming capital markets is a priority for this government, we are today committing to legislate to establish PISCES, an innovative new stock market, by May 2025 to support companies to scale and grow,” Chancellor of the Exchequer Rachel Reeves declared in a November Mansion House speech tying market initiatives to the Labour government’s economic growth strategies.

Chancellor Rachel Reeves

Between and behind those lines, however, the U.K. clearly has catching up to do. Fueled by entrepreneurship rather than government jawboning, specialized trading platforms in the United States have been facilitating private-share transactions for more than 20...

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Topics: Financial Markets

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