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Labour Government gives backing to new private market system

The new Labour Government says it remains committed to taking forward the Private Intermittent Securities and Capital Exchange System (Pisces), a bespoke regulated market for private company shares.

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Labour Government gives backing to new private market system

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

An initiative first championed by the previous Conservative Government, Pisces incorporates elements from public markets, such as those that offer multilateral trading, and elements from private markets that provide greater discretion on what company disclosures should be made public.

Under developments in the FCA's financial market infrastructure sandbox, Pisces is seen as a key element in ongoing reforms to boost the UK as a listing destination.

Launching the Capital Markets Industry Taskforce conference, the Economic Secretary to the Treasury, Tulip Sidiq, says one of her first tasks will be to thoroughly examine the feedback from a consultation on the project that was kicked off earlier this year

"While it’s clear to me that there is huge support for the Pisces project, it is also clear that on the issues of disclosure and market abuse we need to tailor our thinking further. So please be assured that my officials and I will continue working with you," Siddiq tells the conference.

She adds that all opinions will be considered in "our final proposal to ensure that Pisces does deliver on its promise".

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Comments: (1)

Bo Harald

Bo Harald Chairman/Founding member, board member at Trust Infra for Real Time Economy Prgrm & MyData,

With EUDI-interable wallets for share issuers, shareholders, banks, tax, trade registry it took 4 coders at TietoEvery 4 months to create a functioning proto for both issuing and trading of unlisted shares in Finland - in 2020.. But so far not implemented..

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