LAUNCHING SOON - JP Jenkins Private Market

Introducing JP Jenkins Private Market

Regulated under the UK government-backed Private Intermittent Securities and Capital Exchange System (PISCES) framework, offers a stamp duty-exempt and regulated environment for secondary liquidity in private company shares.

JP Jenkins played a leading role in the design of PISCES and is now an FCA-authorised PISCES licence holder. We will soon be lanching our PISCES-regulated JP Jenkins Private Market alongside our traditional Matched Bargain Facility.

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PISCES Explained

Let our Head of Corporate, Mason Doick explain what PISCES is all about

Why JP Jenkins’ Private Market venue is unique

We provide market models tailored to company preferences, offering two distinct trading event styles

Regular Auctions

Conducted monthly, these auctions facilitate trading events which conclude on a date and time published by JP Jenkins as part of the Trade Event Calendar.

Continuous Trading Windows

These provide real-time trading for a week on a regular basis with dates and timing confirmed in the Trade Event Calendar published by JP Jenkins.

Each trade event style can be repeated up to monthly, giving every company a tailored path to liquidity which supports the demands to their shareholders

A smart, tax efficient way to provide liquidity

Growth Companies

Shareholder liquidity without going public

Transparent valuation through regulated trading

Stay private, stay in control

Brokers

Expand into private markets with enhanced compliance

New client engagement through periodic trades

Enhanced lead time and disclosures

Investors

Access verified private companies

Transparent price discovery

Periodic liquidity and no stamp duty

PISCES FAQs

What is PISCES

PISCES (Private Intermittent Securities and Capital Exchange System), developed by the FCA and HM Treasury, is a new type of private market that enables intermittent trading of private company shares using capital market infrastructure. It provides a regulated, transparent, and efficient mechanism for private growth companies to offer trading in their shares.

Why was PISCES created?

PISCES was developed following recommendations from the UK Treasury, the Financial Conduct Authority (FCA), and industry stakeholders to improve access to capital for private companies and support the growth of the UK’s private markets. It is part of the government’s broader strategy to make the UK a leading hub for innovative capital markets.

Is PISCES a stock exchange?

No. PISCES operates as a multilateral trading facility (MTF) under a dedicated FCA-recognised framework. It differs from a public stock exchange by offering intermittent trading windows rather than continuous trading, making it more suitable for private companies.

Is JP Jenkins a PISCES operator?

JP Jenkins has submitted an application for a PISCES Approval Notice (PAN) with the FCA, which, once approved, will authorise JP Jenkins to operate a PISCES market under the new regulatory regime.

When will PISCES be available?

There is no confirmed launch date yet. However, subject to regulatory approval, it is anticipated that the PISCES framework will go live in Q4 2025.

How is PISCES different from JP Jenkins’ current trading model?

PISCES introduces a formal FCA regulatory framework for intermittent trading, including mandatory prescribed disclosures and scheduled trading auctions. By contrast, JP Jenkins’ current model facilitates trading on a matched bargain basis without a set auction calendar or regulatory disclosure framework.

How will PISCES operate?

Companies admitted to a PISCES market will provide shareholders the opportunity to buy and sell shares during pre-defined auction windows. Companies must publish required disclosures in advance of each auction, and trades will be executed through JP Jenkins-approved brokers and intermediaries.

What type of company will be able to use PISCES?

Any company, whether UK-incorporated or overseas, will be eligible for PISCES, provided it is not listed or admitted to trading on a public market in the UK or abroad. PISCES is designed for growth-stage businesses, venture-backed firms, and established private companies seeking liquidity options.

What disclosures will a participating PISCES company have to make?

Companies do not need to publish a full prospectus to participate in PISCES. Instead, they must provide a core set of disclosures, as prescribed by the FCA, ahead of each trading window. These disclosures can be limited to eligible investors participating in the auction and do not need to be made public.

Can different classes of shares be traded on PISCES?

Yes. Companies will have the flexibility to make one or more classes of shares available for trading through the PISCES framework.

Can a company raise new money via PISCES?

No. PISCES is designed exclusively for secondary trading of existing shares. Companies cannot raise new primary capital through a PISCES auction.

Can a company buy-back shares via PISCES?

No. Share buybacks are not permitted within the PISCES framework. PISCES is designed solely for shareholder-to-shareholder transactions.

Can an existing member company be able to opt-in to your PISCES solution?

Yes. Existing companies on JP Jenkins’ platform will have the option to transition to the PISCES market, subject to meeting eligibility criteria and fulfilling the required disclosure obligations.

What are the next steps?

If you are a company interested in joining PISCES, or an investor seeking further information, please contact our team at info@jpjenkins.com or call +44 (0)20 7469 0937. JP Jenkins will provide further updates on launch timelines and onboarding processes in the coming months.

  • 0207 469 0937

  • info@jpjenkins.com

  • 5th Floor

    101 Wigmore St

    London

    W1U 1QU

Copyright ©2025 JP Jenkins. All rights reserved. JP Jenkins is a trading name of Infinitx Limited a company incorporated in England & Wales with registered number 11551708 and whose registered office is at 101 Wigmore Street, 5th Floor, London, England, W1U 1QU (JPJ). JPJ (FRN 950991) is an appointed representative of Prosper Capital LLP (FRN453007) (Prosper) which is authorised and regulated by the Financial Conduct Authority. This website is a financial promotion by JPJ. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. JPJ acts for the companies listed on the website and provides services to authorised brokers but does not act for investors, consumers or any other person. The information on this website is obtained from the companies and other third parties and although JPJ considers these sources to be reliable, it makes no representation as to the accuracy of the information. Neither JPJ, Prosper nor any member of their group provides any advice on investing in unlisted shares generally or in the companies listed on the platform specifically, nor any legal, financial or tax advice of any kind. Nothing on this website and no communication from JPJ should be construed as an investment recommendation. If you have any doubt about the suitability of the investment, or you require financial advice, you should seek a personal recommendation from an appropriately qualified financial advisor. Investing in unlisted shares is high risk and should only be done as part of a diversified portfolio. Please read the RISK WARNINGS before making any investment decisions. Offers are only available through authorised persons. Any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing. Nothing on this website constitutes an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. If you have any questions regarding these matters relating to information on this website you should consult a professional adviser.