The Financial Conduct Authority (FCA) has approved the second PISCES, or Private Intermittent Securities and Capital Exchange System, for JP Jenkins. The first platform approved was by the London Stock Exchange Group (LSEG) in September.
PISCES is an initiative to improve the market for private securities in the UK. Similar to some other markets, public securities marketplaces have declined while private securities have improved. As technology changes, and investors seek more promising investment opportunities, private securities have emerged as a top alternative asset for big money – and a growing number of smaller investors.
Simon Walls, executive director of markets at the FCA, called the approval another step in delivering on their vision of an innovative marketplace as they seek to unlock opportunity for investors.
Mike McCudden, CEO of JP Jenkin, said they benefited from their experience with unlisted firms.
JP Jenkins is a liquidity provider for private securities, so a PISCES approval makes much sense. Currently, the company hosts a platform to match buyers and sellers of private firms while working with brokers. They also offer capital formation services.
While the PISCES project holds merit, the undertaking has yet to advocate or facilitate digital assets, including digital securities, which will soon be hosted on a single online investment platform. In the US, the blurring of lines between securities, commodities, crypto, as well as exchanges, and digital asset marketplaces, is picking up speed.