PISCES Sandbox: apply to run a platform

Find out more about PISCES[2]

We are running a sandbox until June 2030 to test the regulatory framework for PISCES.

This will allow entities hosting a PISCES platform (operators) to test out various business models.

The benefits include testing: 

• Live in the market with real companies and investors.
• Within a proportionate and flexible regulatory framework.

The FCA and the Treasury will monitor the outcomes and decide whether to transfer PISCES into permanent legislation or other next steps. 

Who can apply

To become a PISCES operator, you must already be either a:

• UK recognised investment exchange (RIE).
• Person who is established in the UK and has a Part 4A permission[3] to carry on 1 or more of:  
  • Arranging deals in investments (article 25(1)).
  • Operating a multilateral trading facility (article 25D).
  • Operating an organised trading facility (article 25DA).

All prospective operators must apply to us for a PISCES approval notice (PAN). 

If you operate a PISCES platform, you must hold at least £150,000 in capital at all times. This is the standard minimum requirement that applies to multi-lateral trading facilities (MTFs). 

Find out more about permanent minimum requirements[4] in our Handbook.

Pending permissions

We cannot reach a decision on your firm’s PISCES application until you have secured the relevant permission to carry out a regulated activity[5].

If your firm does not yet have a relevant permission, you may apply for authorisation at the same time as, or before, applying to the PISCES Sandbox.  

Find out more about our authorisation process[6]

How to apply

To apply to run a PISCES platform, email [email protected] with the following information.

This is not an exhaustive list, and we may ask for more information during the application process.

Supporting documents

You should also attach the following evidence for your proposed PISCES platform.

Live demo

You may provide a live demo of key features and functionality for your proposed PISCES platform such as arrangements for:

• Information disclosure.
• Market oversight. 

Application fees

You must pay a Category 6 fee[8] in good time before you apply to operate a PISCES.    

To pay, you must:

• Make a BACS or CHAPS payment to ‘FCA Collection’.
• Include ‘PISCES’ followed by your firm reference number (FRN).  

Email your remittance advice and payment details to: [email protected].

The account details are: 

Account name: FCA Collection
Bank name: Lloyds Bank
Account number: 00828179
Sort code: 30-00-02
IBAN code: GB68 LOYD 3000 0200 8281 79  

You do not have to pay any fees for accessing our pre-application support service.

Support before you apply

We’re offering feedback and support to all prospective operators before you start the formal application process.  

Get comments on your proposed PISCES model, including your draft rulebook and operational model.

Email [email protected] to get help with your application.

There is no fee for this support.

If you need to apply for or vary permissions, speak to our pre-application support service (PASS)[9].

Expand for more details on what to submit and the feedback you'll get.

After you apply

Once we receive a complete application, we will check whether your firm is eligible in line with:

1. Our final rules for PISCES[10]
2. The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025[11].
3. Any other requirements.

We may contact you to ask for more information.

Modify or cancel PISCES approval

Email [email protected] for more information on how to modify or cancel a PAN.