Labour Government gives backing to new private market system

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An initiative first championed by the previous Conservative Government, Pisces incorporates elements from public markets, such as those that offer multilateral trading, and elements from private markets that provide greater discretion on what company disclosures should be made public.

Under developments in the FCA’s financial market infrastructure sandbox, Pisces is seen as a key element in ongoing reforms to boost the UK as a listing destination.

Launching the Capital Markets Industry Taskforce conference, the Economic Secretary to the Treasury, Tulip Sidiq, says one of her first tasks will be to thoroughly examine the feedback from a consultation on the project that was kicked off earlier this year

“While it’s clear to me that there is huge support for the Pisces project, it is also clear that on the issues of disclosure and market abuse we need to tailor our thinking further. So please be assured that my officials and I will continue working with you,” Siddiq tells the conference.

She adds that all opinions will be considered in “our final proposal to ensure that Pisces does deliver on its promise”.