Capital markets and private capital – LSE publishes rules to launch its Private Securities Market

The London Stock Exchange (LSE) has launched its Private Securities Market (PSM) – its PISCES platform – and published its Private Securities Market Rules (PSM Rules) and accompanying PSM Handbook via Market Notice N04/26. Both the PSM Rules and the PSM Handbook are effective from 5 February 2026.

The LSE is one of the operators approved by the FCA in 2025 to operate a private intermittent securities and capital exchange system (PISCES) platform – a marketplace for buyers and sellers of shares in private (i.e. unlisted) companies. Participating companies are not able to raise new capital using a PISCES platform. Institutional and professional investors, as well as retail investors who meet the criteria to be considered as sophisticated or high net-worth investors, will be permitted to trade shares on a PISCES platform during time-limited intermittent trading windows. The FCA has regulatory oversight of the implementation and operation of PISCES platforms, which will initially operate in a five-year regulatory sandbox. FCA-approved PISCES operators can make their own rules for their PISCES platforms.

The PSM Rules apply to companies joining or operating on the PSM and set out the eligibility and disclosure requirements, auction procedures and ongoing obligations. The PSM Handbook explains the LSE’s approach to supervision, enforcement and appeals in respect of participating companies.

For more on PISCES, see our snapshot here.