Asset Match has been approved to operate a Private Intermittent Securities and Capital Exchange System (PISCES), joining a couple of other firms that have also received regulatory approval. A platform must apply for a PISCES approval notice (PAN) from the Financial Conduct Authority (FCA).
PISCES is a policy initiative that aims to support private markets and capital formation in the UK which is a top global financial center.
Asset Match is a London-based online marketplace that provides liquidity for shares in private UK companies. Founded in 2011, it enables investors to buy and sell unquoted shares through periodic auctions, allowing shareholders an exit, and high-net-worth investors seeking private equity opportunities. The company states that it is a strong supporter of PISCES because it aligns with principles they have long held. As firms seek to remain private for as long as possible, a path to liquidity before a public offering or M&A event is needed.
Iain Baillie, Founder and Executive Chair of Asset Match, said he is proud of their achievement and the approval, adding that: “ambitious organizations will benefit from the opportunity to access a broader range of potential investors and investors gain a more transparent, regulated way to access some fast-growing, established and unlisted companies.”
Asset Match COO Michael Barker thanked the FCA for its support with the PISCES application.
Since holding its first auction in 2014, Asset Match has facilitated approximately £123 million in trading volume across 802 periodic auctions.
Asset Match receives a 3% commission on the total trade value for both buying and selling. Today, multiple firms with private shares are listed on the marketplace.
