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Second Operator Approved to Run Platform,
Bringing PISCES One Step Closer to Trading


By Harriet Rumball


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The FCA has today announced the approval of JP Jenkins as the second operator of a PISCES (Private Intermittent Securities and Capital Exchange System) platform, after the London Stock Exchange (LSEG) became the first operator in August 2025. This development aims to boost competition, attract a broader range of businesses, and drive investment opportunities for private companies and investors. 

PISCES is an innovative private market framework that allows private companies to auction shares to professional and institutional investors in intermittent trading events, rather than through continuous trading as in public markets.

PISCES is part of the government’s drive to reform capital markets, and the Economic Secretary to the Treasury welcomed this latest development as evidence of PISCES moving ‘one step closer to trading today.'


While the public disclosure of information prepared by companies for trading on PISCES 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, 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.

For advice on how these might be leveraged online, or to enhance investor communications and digital presence, please contact Harriet Rumball, Director of Investor and Sustainability Communications, for further information HRumball@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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