PISCES launches as FCA rings the bell on new type of private stock market

Industry commentators welcome solution to long-standing market inefficiency but caveat with warnings of higher risk profile.

The UK is set to usher in a new era for private company investment and liquidity with Tuesday’s launch of the FCA’s final rules for the Private Intermittent Securities and Capital Exchange System (PISCES). The FCA said trading can begin later this year.

Heralded by the government as a significant

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