The United Kingdom’s Financial Behavior Authority (FCA) approved the London Stock Exchange to exploit a private intermittent platform (Pisces).
The platform will gather buyers and salesmen for private companies to market intermittent basis.
Julia Hoggett, Managing Director of London Exchange Plc, said:
“We are pleased to be the first site of the FCA’s Pisces approval notice. After several years of innovative development by the UK government and regulators with active commitment by professionals across the market, the London Stock Exchange has now made a significant step towards launching our private mobile market later this year.
“This new market demonstrates our commitment to creating a real continued funding from private in public markets so that businesses in the United Kingdom and around the world can be effectively supported at all stages of their development. We look forward to welcoming the first private companies to use the market when they have completed their preparations and to expand the options that will have to realize their ambitions. “
Emma Reynolds, Finance Secretary of the Ministry of Finance, said:
“I am pleased to see the London Stock Exchange become the first exploitation provider to receive a financial behavior from the Authority for the conduct of trade events of Pisces. This represents the last major milestone for Pisces and I look forward to seeing the first commercial events of Pisces.
“This government is committed to working with regulatory authorities and businesses to boost the offer of our capital markets, support economic growth and put more money in our employees’ pockets as part of our plan to change.”
The Pisces platform will be delivered through a sandbox, which allows FCA to test the plan before completing a permanent regime in 2030.