Published by Global Banking & Finance Review®
Posted on February 20, 2026
2 min readLast updated: April 3, 2026
Add as preferred source on GoogleLSE executed the first deal on its PISCES-approved Private Securities Market, using a TPEIC to trade Oxford Science Enterprises shares. The framework enables intermittent auctions without a full IPO.
Feb 20 (Reuters) - The London Stock Exchange's new Private Securities Market is set to host its first deal in the coming weeks, its CEO said on Friday, in what will be the first transaction to take place under the UK financial regulator's new PISCES framework.
The first transaction will involve the creation of an exchange-enabled investment structure, or a TPEIC, by TPE that will hold shares in Oxford Science Enterprises, an Oxford University-linked investment firm.
The TPEIC, or Tradable Private Equity Investment Company, will facilitate trading through structured auctions on the exchange's Private Securities Market.
Oxford Science Enterprises, valued at 1.3 billion pounds ($1.75 billion), has stakes in more than 100 companies spanning artificial intelligence, quantum computing and life sciences.
PISCES, or private intermittent securities and capital exchange system, is a new type of stock market introduced by the regulator last year to increase investment into private companies.
LSE was the first company to win regulatory approval for PISCES, as Britain looks to boost growth, unlock capital markets and curb delistings, with the platform part of the Financial Conduct Authority's efforts to lift LSE's appeal after a prolonged downturn in new share issuance.
PISCES is designed to help smaller companies with limited capital markets experience gain visibility among investors without going through a full initial public offering.
Other markets offer similar regulated platforms. Rival exchange Nasdaq in New York has long had a private market segment.
"We are delighted that the first transaction will take place on our Private Securities Market in the coming weeks," said LSE CEO Dame Julia Hoggett, adding that it showed how companies could use the framework "in innovative ways to access the solutions that best suit their needs".
Reuters provides news to London Stock Exchange Group's Workspace platform.
($1 = 0.7421 pounds)
(Reporting by Raechel Thankam Job in Bengaluru and Charlie Conchie in London; Editing by Saumyadeb Chakrabarty and Arun Koyyur)
The London Stock Exchange launched the first transaction on its PISCES-approved Private Securities Market, enabling private share trading through structured auctions.
PISCES is the FCA’s framework allowing intermittent trading of private company shares via regulated auction events, giving firms investor access without undertaking a full IPO.
Oxford Science Enterprises, with shares held in a TPEIC structure to facilitate trading on the LSE’s Private Securities Market.
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