Securities lending in the age of PISCES

The UK’s capital markets are eagerly awaiting the implementation of a new private company secondary trading platform following the adoption of the final rules for the Private Intermittent Securities and Capital Exchange System (PISCES) in June 2025. In the next six months, the London Stock Exchange and potentially other operators are expected to have PISCES platforms up and running, thereby marking the debut of the first regulated market for the intermittent secondary trading of private company shares.¹ The timing seems auspicious: public listings in the UK and Europe have fallen to historic lows as private companies increasingly pursue alternative routes to liquidity.² As private markets mature and investor demand grows, the PISCES framework may unlock opportunities for private company share lending, although such arrangements raise significant questions around valuation, settlement, transfer restrictions and alignment with existing share lending market practices.