FCA finalises rules for PISCES – new secondary private stock market – On 10 June 2025, the FCA issued its final rules for the Private Intermittent Securities and Capital Exchange ("PISCES"). PISCES is a new type of private stock market that allows intermittent trading of private company shares using market infrastructure. The FCA has published rules for entities hosting a PISCES platform (operators), including on disclosure requirements, operating trading events and market manipulation/oversight.
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