Board games firm set for first listing on Britain's private stock market

• PISCES (private intermittent securities and capital exchange system) allows companies to enable intermittent trading of shares while remaining private, without full public listing requirements
• JP Jenkins won approval to operate a PISCES market and will conduct the first liquidity event, with the London Stock Exchange also approved and planning its inaugural deal after QPlay's
• The initiative is part of broader UK capital markets reforms aimed at increasing growth and IPO rates in London, competing with similar platforms like Nasdaq's long-established private market segment

Board Games Firm to Debut on UK's New PISCES Private Market

QPlay, a developer of hybrid physical and digital board games, will become the first company to list on Britain's new private stock market platform, PISCES (Private Intermittent Securities and Capital Exchange System), according to a March 10 Reuters report.

Key Details:

PISCES is a new market framework introduced by Britain's financial regulator in 2023, designed to boost investment into private companies by allowing intermittent trading of shares without requiring full public listings. The platform represents part of broader UK capital markets reforms aimed at stimulating growth and reversing declining IPO rates in London.

JP Jenkins, which received regulatory approval to operate a PISCES market, will facilitate the QPlay transaction. Veronika Oswald, JP Jenkins' commercial director, described the deal as "a major milestone" for the operator and policymakers involved in developing the system.

Market Context:

The London Stock Exchange (LSE) was the first entity to win PISCES regulatory approval and has announced a separate inaugural deal scheduled after QPlay's transaction. This follows a pattern seen in other markets—Nasdaq in New York has long operated a similar private market segment.

Implications:

The successful launch of PISCES trading could provide UK private companies with an alternative liquidity option between remaining fully private and pursuing traditional IPOs. This development is particularly significant given London's recent struggles to attract and retain listings, as regulators seek new mechanisms to enhance the competitiveness of British capital markets and provide investors with access to private company growth opportunities.