#618
Private, But Liquid
Published:
Nov 22, 2025
Author:
Sarah Parsons Wolter
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The UK is doubling down on private markets. The Financial Conduct Authority has issued a second PISCES (Private Intermittent Securities and Capital Exchange System) license to JP Jenkins, joining the London Stock Exchange Group as an approved operator. The move marks a step toward the City’s long term goal to building a deep, liquid marketplace for shares in unlisted companies that rivals what the U.S. and Europe have already begun experimenting with.
Somewhat similar to Nasdaq Private Market and CartaX, PISCES is designed to let founders, employees, and early investors trade equity stakes without triggering an IPO. The UK hopes that by making private markets more transparent and tradable, it can recapture some of the deal flow that’s migrated across the Atlantic and provide a credible alternative to the shadow liquidity pools run by large venture funds and secondaries specialists.
The opportunity is enormous: private assets globally exceed $13t, and companies are staying private longer. But liquidity remains patchy. By approving JP Jenkins, the FCA is betting that competition can deepen the market. If successful, PISCES could position the UK as the first major jurisdiction to formalize a regulated, recurring venue for private share trading. In a market long obsessed with exits, the UK is quietly building a way to stay in.
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