The UK Financial Conduct Authority has authorized Vestd to operate a new PISCES venue, introducing the first trading platform in the UK that eliminates intermediaries and fees for buyers. This marks a key step in expanding liquidity options in the private company share market.
- Vestd’s platform bypasses financial intermediaries, cutting costs and complexity.
- PISCES framework allows private company shares to trade intermittently with lighter regulation.
- Vestd integrates equity management and liquidity events on one platform.
Market signal
The PISCES initiative, launched by the FCA in 2025, is increasingly enabling companies and investors to unlock value traditionally trapped in private shares. Vestd’s entry into this space following initial trading successes under the framework demonstrates confidence in regulated, lightweight secondary market venues as viable alternatives to full public listings. The venue’s no-fee model for buyers may encourage participation from a wider range of investors, enhancing liquidity options.
Operator impact
Vestd leverages its existing capabilities in company incorporation, employee share schemes, and cap table management by integrating regulated secondary trading into a unified platform. This end-to-end approach addresses multiple stages of the equity lifecycle for emerging and growth-stage UK companies, simplifying management and liquidity planning for founders, employees, and investors.
By removing intermediaries and associated fees, Vestd reduces transactional friction and cost barriers that have historically limited access and liquidity in private markets. The platform also supports related services such as Special Purpose Vehicles (SPVs) and portfolio management, positioning it as a comprehensive equity management ecosystem. This can enhance operational efficiency and potentially accelerate capital recycling within private firms.
What to watch next
Market participants should monitor how Vestd’s intermediary-free, fee-free trading approach impacts participation rates and liquidity depth compared to more traditional PISCES venues. The effectiveness of this model in fostering accessible secondary trading for private UK companies will influence broader adoption and future regulatory thinking.
Attention should also focus on Vestd’s forthcoming venue rules and how quickly companies prepare their cap tables and employee share plans for trading under this framework. Potential expansion of the platform’s SPV and portfolio management functionalities could further attract investors seeking streamlined private equity management solutions. These developments will be key indicators of operational scalability and market acceptance.