Will PISCES create meaningful liquidity for private company shareholders?
Timeline for JP Jenkins
Ran first PISCES trading window 18-24 March 2026
UK Startups and Innovation: PISCES runs first pre-IPO trading eventsBackground
JP Jenkins is the UK-based matched-bargain broker that ran a live trading window under the PISCES (Private Intermittent Securities and Capital Exchange System) regime from 18 to 24 March 2026. The London Stock Exchange's Private Securities Market also completed a first trading event under the same regime.
JP Jenkins facilitates secondary-market trading in unquoted and pre-IPO company shares, matching buyers and sellers outside formal exchange rules. It was one of the venues approved for the FCA's PISCES sandbox, which runs until 2030 while the regulator decides whether to make the regime permanent.
For the UK startup ecosystem, JP Jenkins' PISCES window matters because a working pre-IPO liquidity market lets employee shareholders and early investors realise partial value without forcing a premature exit, a stated aim of the PISCES sandbox.
