Big news for us, and for private UK companies.
Vestd has been approved by the Financial Conduct Authority (FCA) to operate a Private Intermittent Securities and Capital Exchange System (PISCES) venue, joining just a small handful of approved operators, including the London Stock Exchange and JP Jenkins.
If you're not already familiar, PISCES is a new trading framework established by the FCA in June 2025. It allows private companies to trade shares on an intermittent basis.
In other words, PISCES gives private companies a way to offer liquidity without taking the full leap to a public listing. Or as our Market Infrastructure Lead, Yaroslav Kinebas, puts it, "a game-changer for UK investors, businesses, and employees."
After QPLAY became the first company to see its shares traded under the framework in March 2026, the movement is gaining real momentum. And we’re at the forefront.
As one of the first entrants into the PISCES sandbox, we’ve been involved in shaping the market from the very beginning. And our venue will be the first to operate without the need for financial intermediaries.
That means no fees for buyers and a more direct, straightforward experience for investors, which feels very on-brand for us, given that we’ve always championed simplicity and accessibility in our space.
If you're already with us, this is worth paying attention to.
PISCES opens up a new route to liquidity that doesn't require a full exit, allowing shareholders, including employees, to potentially realise value sooner.
So it may interest you to know that existing EMI and CSOP agreements can be amended to include PISCES as an exercise event.
If you'd like to understand what that might look like for your company, reach out to your Vestd contact.
This is more than a product launch. We’re moving into a world where private equity is as liquid and transparent as the public markets.
PISCES is the final piece of the puzzle, completing an end-to-end equity lifecycle on a single platform. From company incorporation and employee share schemes to cap table management and now regulated liquidity events, everything lives in one place.
For investors, the story is similarly joined-up. Our solution now spans Special Purpose Vehicles (SPVs) and portfolio management through to participating in PISCES trading events across a range of UK businesses.
Yaroslav sums it up well: "The Vestd PISCES venue opens up a new class of investment opportunities in UK businesses which were previously difficult to access and offers new liquidity options for founders, early-stage investors and employees."
Investors can register their interest in PISCES events now, and we're already working with companies to get their cap tables and employee share schemes in order ahead of potential events.
Full rules for our venue will be published shortly. In the meantime, grab the info pack or book a call with us.
The team has worked tirelessly to reach this milestone. And there's far more to come, so stay tuned!