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Banks Raise Fears About Britain’s New Private Share Trading Platform
- By The Financial District
- 1 day ago
- 2 min read
Efforts to revive the equity capital markets in the UK are facing early headwinds, as banks express concerns over the upcoming Private Intermittent Securities and Capital Exchange System (PISCES), Sinead Cruise reported for Reuters.
Some bankers said they would only recommend PISCES as a last resort to clients, potentially hampering the platform’s adoption.
The UK government and regulators are betting on PISCES to forge closer ties between private companies and investors, hoping it will serve as a gateway to more public listings.
PISCES is designed to allow private company owners to sell shares in limited trading windows on regulated exchanges—essentially "going public" temporarily.
However, even before President Trump’s tariffs sent shockwaves through global trade and capital markets, the platform was proving a hard sell among British financial professionals.
Many bankers worry the new system could sideline their role in private capital transactions, potentially slashing revenue.
Additional concerns include the public nature of share sales—potentially harming future valuations—along with vulnerability to activist investors, less legal protection against insider trading, and reduced confidentiality.
Some bankers said they would only recommend PISCES as a last resort to clients, potentially hampering the platform’s adoption.
That reluctance could hinder Chancellor Rachel Reeves’ broader economic agenda, especially as other European cities compete to supplant London as the region’s financial hub.
“Without the liquidity, it becomes a vulnerable place for a business to be because PISCES is always going to be more public than doing a purely bilateral secondary transaction,” said Rishi Khosla, CEO and co-founder of OakNorth Bank.
While companies will be able to set a price range for their shares, they may not be able to conceal poor pricing results as easily as they could in a private placement handled by banks.
Simon Walls, the Financial Conduct Authority’s interim executive director of markets, said PISCES could be a “stepping stone” to full listings. But some analysts warn that firms using the platform successfully may skip IPOs altogether, denying banks significant fees.
