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Shares in private companies will be traded on the PISCES platform. It will open the door to more opportunities for investors, facilitating their access to growth companies. As companies choose to stay private for longer, there is demand for investors to trade private company shares more easily and efficiently in an organised marketplace. Companies can set the floor and ceiling of share prices and have a say over who can buy their shares. |
Susannah Streeter, head of money and markets, Hargreaves Lansdown: ‘’The establishment of the PICSES exchange is part of the government’s drive to put a rocket under Britain’s capital markets and support more scale up companies. PISCES aims to help turn minnows into much bigger fish, supporting the London market overall. This new type of trading platform will enable intermittent trading of private company shares using market infrastructure. It’s clear that the London Stock Exchange wants a slice of the private market and is keen on supporting founders wanting to scale up without some of the pressure public markets can impose, with numbers scrutinised every quarter. The PICSES could help create a more free-flowing pipeline for IPOs in the City and it could also help with price discovery for valuations. It comes as the City is struggling to attract and retain listed companies, so the hope will be that this will offer greater support for home-grown start-ups and scale ups. The plan is for companies which offer sharesave schemes for employees to get involved, enabling staff of participating firms to sell their stakes through the exchange. There is potential for PISCES to support greater retail access in the longer term to allow for retail clients to sell shares they hold in other private companies. Although this won’t happen quickly, with a time frame of 5 years or more, it could provide an opportunity to level the playing field between retail investors and institutional investors.”
FCA rings bell on launch of new type of private stock market |
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