JP Jenkins

JP Jenkins is the UK-based matched-bargain broker that ran the first live trading window under the PISCES (Private Intermittent Securities and Capital Exchange System) regime in April 2025, becoming the first regulated venue to facilitate secondary trading in pre-IPO company shares under the new framework. The firm acted as the broker platform through which shareholder trades in private companies were matched during the inaugural PISCES session, hosted in partnership with the London Stock Exchange.

JP Jenkins is one of a small number of specialists in the UK that facilitates secondary market trading in unquoted and pre-IPO company shares outside formal exchange rules. It has operated matched-bargain trades in companies including Cineworld, Greggs franchisees, and various other unlisted securities for many years. Its selection as the broker for the first PISCES window reflects both its track record in the pre-IPO secondary market and its early engagement with the FCA during the PISCES consultation process.

For the UK startup ecosystem, JP Jenkins role in PISCES is significant because a functioning pre-IPO liquidity market would allow employee shareholders and early investors to realise partial value without forcing a premature exit event. This was a key policy objective of the PISCES review: reducing the pressure on founders to sell or list before they are ready by providing interim liquidity options.