Earlier this month, the UK Treasury laid out a regulatory framework for a new intermittent trading venue as part of the spring 2024 Budget. The proposed Private Intermittent Securities and Capital Exchange System, or Pisces, would allow private companies to trade their securities in a controlled environment and on an intermittent basis during trading windows.
According to HM Treasury, Pisces will incorporate elements from public markets, such as those that offer multilateral trading, and elements from private markets that provide greater discretion on which company disclosures should be made public.
