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PISCES:
Opening a New Chapter in Private Market Liquidity


By Harriet Rumball


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The introduction of the Private Intermittent Securities and Capital Exchange System (PISCES) has reached a key milestone this week with the FCA’s announcement that it has formally approved the London Stock Exchange as the first PISCES operator. 

PISCES, part of the government’s drive to reform capital markets, offers a regulated secondary market for shares in private companies, permitting trading during specific intermittent windows rather than through continuous, public markets. Eligible companies will provide structured company information to institutional and accredited investors via a secure due diligence portal. 

While the public disclosure of this information is not required, participation in a trading event is likely to raise a company’s profile and to enhance understanding of its investment proposition amongst both internal and external audiences. 

At Black Sun Global, we see real value in companies proactively leveraging elements of their PISCES-ready materials and the work that goes into their preparation and approval. This might, for instance, include presenting an investment case and introductory investor pack on the corporate website, allowing companies to benefit from the heightened profile that a trading event on PISCES will provide.


Making the most of core submissions, and integrating them into broader communications, should not only deliver additional value from the PISCES process but also position companies for ongoing investor engagement as they continue to develop and grow.

With this latest news, the LSE has said it looks forward to welcoming the first private companies to utilise the market when they have completed their preparations.  

At Black Sun Global, we can help companies turn their PISCES preparation into broader opportunity. Whether it’s shaping a compelling investment story, strengthening stakeholder reporting, or enhancing digital engagement, we work with businesses to ensure their efforts deliver lasting impact. To discuss how we can support you, please get in touch.

📩 Contact: Bob Crosbie-Dawson

📧Email: bcrosbie-dawson@blacksun-global.com

 


About Black Sun

Black Sun Global is a stakeholder advisory and engagement agency that's been driving transformation and positive change for ambitious brands for more than 20 years. With deep expertise in disclosure and reporting, ESG, sustainability, and digital engagement, we reshape how organisations connect with customers, investors, employees, and the wider world. 

We are trusted partners to some of the most influential global organisations, sparking innovation and sustainable performance through our strategic insights, partnerships, and proprietary technologies.

As founders of the Positive Change Group, we are on a mission to create a new kind of stakeholder relations partner. Our world-class specialists work closely with executive leadership teams to protect reputations, inspire trust, and promote responsible business practices - building resilience and long-term value in a rapidly changing world.

For more information, please visit: www.blacksun-global.com




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