PISCES Trade Milestone: What It Means for UK Founders Seeking Liquidity Beyond IPOs

For many years, UK startup founders have faced a persistent challenge: how to offer investors a clear exit strategy if their company never goes public. On 24 March 2026, the UK made a significant move to address this issue with the first trade completed under the PISCES framework. This new private share market opens fresh opportunities for founders, employees, and early investors to access liquidity without relying solely on an IPO.

QPlay’s Outsmarted digital board game shares traded first on PISCES

What PISCES Means for UK Startup Founders

Traditionally, private company shares in the UK have been difficult to trade. Investors often had to wait years for an IPO or acquisition to realise returns. This illiquidity limited the appeal of investing in startups and restricted founders’ ability to reward early employees or raise follow-on capital.

The Private Intermittent Securities and Capital Exchange System (PISCES) changes this by creating a regulated secondary market for private shares. The Financial Conduct Authority (FCA) introduced PISCES to provide a legal and transparent platform where private company shares can be bought and sold more easily.

The first trade under PISCES took place on 24 March 2026 at JP Jenkins, the UK’s largest liquidity venue for unlisted assets. The shares traded were those of QPlay, a company known for its Outsmarted digital board game. The following day, the London Stock Exchange’s Private Securities Market also completed a PISCES-licensed transaction involving shares in Oxford Science Enterprises.

This development offers several benefits for founders:

• Liquidity beyond an IPO

Founders can now offer investors and employees a way to sell shares before a public listing or acquisition.

• Attracting and retaining talent

Employees holding equity can realise value earlier, improving motivation and retention.

• Flexible fundraising options

Founders can raise capital by selling shares on PISCES, reducing dependence on traditional funding rounds.

How PISCES Compares to Tokenised Equity

Tokenised equity has gained attention as a way to digitise shares using blockchain technology. It promises faster settlement, fractional ownership, and global access. However, tokenised equity markets remain largely unregulated and face legal uncertainties in many jurisdictions, including the UK.

PISCES offers a regulated alternative that fits within existing UK financial laws. It provides:

• Regulatory oversight

The FCA supervises PISCES venues, ensuring investor protection and market integrity.

• Established market infrastructure

Venues like JP Jenkins and the London Stock Exchange bring credibility and operational experience.

• Clear legal framework

Shares traded under PISCES have recognised ownership rights and transfer procedures.

While tokenised equity may offer innovation in the future, PISCES currently provides a practical and compliant solution for private share liquidity in the UK.

What's the Impact of Liquidity Beyond IPO for Founders?

Founders interested in leveraging PISCES should keep these points in mind:

• Eligibility

Not all private companies will qualify immediately. Companies must meet certain criteria and work with PISCES-licensed venues.

• Valuation transparency

Secondary trading requires clear and fair valuation of shares to attract buyers.

• Shareholder agreements

Founders should review existing agreements to ensure they allow secondary sales.

• Market readiness

Liquidity depends on demand from investors willing to buy private shares on PISCES.

Despite these considerations, PISCES represents a major step forward in solving the liquidity puzzle for UK startups.

London Stock Exchange hosting first PISCES transaction on Private Securities Market

The Future of Private Share Trading in the UK

The launch of PISCES and its first trades mark the beginning of a new era for private equity in the UK. By providing a regulated platform for secondary trading, the UK is creating a more dynamic and accessible market for startup shares.

Founders can expect:

• Increased investor confidence

• More options for employee share plans

• Greater flexibility in capital strategy

  
  

As PISCES venues grow and more companies participate, the private share market will become a vital part of the UK startup ecosystem.

Founders and investors should watch this space closely and consider how PISCES can fit into their growth and exit plans. The ability to trade private shares without waiting for an IPO is no longer a distant goal but a practical reality.

Disclaimer:

This article is provided for general information only and does not constitute legal, financial, or investment advice. The regulatory treatment of tokenised assets and digital securities varies by jurisdiction and continues to evolve. Readers should seek independent professional advice before making any financial, legal, or regulatory decisions.