The FCA has approved JP Jenkins to operate a PISCES platform.
The new type of private stock market will bring together buyers and sellers to trade shares in private companies on an intermittent basis. Bringing a second operator into the market will boost competition, attract a greater variety of businesses and drive opportunities for investors.The FCA continues to provide extensive pre-application and application support services for all potential PISCES operators to help them get off the ground as quickly as possible. This engagement is bearing fruit, resulting in 2 approvals in a matter of months and discussions are ongoing with others.Simon Walls, executive director of markets at the FCA, said:‘We are delighted to authorise our second PISCES operator, another step towards delivering our vision of a competitive and innovative marketplace.'We finalised the rulebook in the summer and have already approved 2 platforms. It goes to show how we are pulling together with industry to unlock new opportunities for investors and growth companies.'Mike McCudden, CEO of JP Jenkins, said:'Today’s news is the result of months of commitment and dedication by the entire team at JP Jenkins. We have worked at pace to get this project over the line and being granted the licence formally recognises not only our recent achievements but also our extensive knowledge of supporting unlisted companies, their investors and indeed the wider UK economy.'Lucy Rigby KC MP, Economic Secretary to the Treasury, said:'This Government is unlocking new opportunities for UK growth companies and investors by boosting our capital markets. I’m delighted to see PISCES move one step closer to trading today.'Notes to editorsFirms wishing to run a PISCES platform must apply to the FCA. Following approval, they can run intermittent trading events. The FCA published pre-application support and application support for interested firms.