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FCA’s final rules for PISCES: London’s new private share trading market

The Financial Conduct Authority ("FCA") has published its final rules for the Private Intermittent Securities and Capital Exchange System ("PISCES") – London's new private company share trading platform. The proposals are a...more

European IPO markets rally with a focus on sustaining long-term growth

Although European IPO markets still trail pre-pandemic levels, they began an upward trajectory in 2024, with an encouraging pipeline of new IPO candidates lined up for 2025. Regulators, issuers and investors are not resting...more

Eyes on the exit: Selling PE portfolio companies in complex markets

Sluggish M&A and IPO markets have put the brakes on private equity exit activity across Europe, but as pressure builds to clear the backlog of unsold portfolio companies, firms are taking innovative approaches to selling...more

Changes ahead: London market is ready for reform

Along with other stock exchanges across the world, the London Stock Exchange (LSE) had a challenging 2023, recording only 23 new listings with a total value of less than US$1 billion. This represented a 23 percent...more

HM Treasury publishes consultation on private intermittent securities exchange platform

The consultation sets out further detail on the government's proposals, announced as part of the Edinburgh Reforms in December 2022, to develop a venue for the intermittent trading of private company shares and seeks feedback...more

Global IPOs: Seeking signs of stabilization

Resetting expectations - It was clear in the opening months of 2022 that the winds had changed for the global IPO market as compared to the prior year, a rocky path that continued throughout the year and into the first...more

FCA discussion paper on further UK listing regime reforms

FCA publishes discussion paper on replacing current premium and standard listing segments with new single listing segment and sponsor regime reforms- On 26 May 2022, the FCA published a discussion paper (DP22/2) seeking...more

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