PS25/6: Private Intermittent Securities and Capital Exchange System: sandbox arrangements

Read PS25/6[2] 

Why we are changing

PISCES is a new type of private stock market that allows intermittent trading of private company shares using market infrastructure.  

We’ve published rules for entities hosting a PISCES platform (operators), including on:

• disclosure arrangements
• organising and running trading events
• market manipulation and oversight

Read more about PISCES[3] 

To test this regulatory framework, we are running a sandbox[4] until June 2030.

The PISCES sandbox opened on 10 June 2025.

Who this is for

Our rules for the PISCES Sandbox affect:

• Platform operators intending to apply to take part in the PISCES Sandbox.
• Regulated trading intermediaries intending to place investor buy or sell orders in the PISCES Sandbox.
• Investors in private companies intending to take part in the PISCES Sandbox.
• Private companies intending to use PISCES as our rules for PISCES operators affect the information these companies need to disclose to investors.
• Professional advisers to all these groups.

Next steps

To run a PISCES platform, you’ll need to apply to us for a PISCES approval notice (PAN).

You should:

1. Read our final rules (PDF)[2].
2. Get early support[5] before you apply to join our PISCES Sandbox.
3. Apply to the sandbox[4]. 

We will consult on fees for PISCES operators in our annual fees policy Consultation Paper in November 2025.

Background

PISCES will allow private companies to access a broader range of investors, boosting the competitiveness of UK markets.

We consulted on the regulatory framework for the Private Intermittent Securities and Capital Exchange System (PISCES) sandbox in December 2024 (CP24/29[6]).