The London Stock Exchange’s Pisces market has taken another step forward with financial services provider Apex Group securing a position as the trading venues intermediary.
The group will act as the index’s registered auction agent (RAA) meaning it is responsible for ensuring all companies who wish to list are compliant with Pisces rules before becoming available to investors.
This includes managing the trading process, providing licensing application support and continuing to provide business services upon acquiring a Pisces licence.
Stephen Geddes, head of UK corporate oversight and strategic advisory at Apex Group said it is on hand to provide businesses with “everything they need to unlock liquidity” on London’s Pisces market.
The firm will also verify all investors looking to tap in the market, with a focus on ensuring they qualify to use Pisces.
Geddes said: “We are required to do a degree of diligence on each investor.
“So, we have to gather information about them to make sure that they are who they say they are.”
The index is only available for institutional investors, high net worth individuals and sophisticated investors who meet a criteria.
This includes having an annual income of over £100,000 or having made two investments in unlisted companies in the last two years.
After Pisces received the green light from the FCA, concerns were raised over retail investors accessing the market index due the lack of official verification process and investors being able to self certify online.
LSEG green light
London’s flagship index was the first operator to be given the green light by the Financial Conduct Authority (FCA) to run a Pisces market in August.
The marketplace allows investors to buy and sell shares in large private companies, and has been hailed as an antidote to firms who wish to stay private for longer by providing a stepping stone to eventually listing in the capital.
The marketplace is also looking to address a longstanding liquidity gap for growth companies and early investors.
Marcus Stuttard, head of UK private markets and AIM at the LSE, said: “By leveraging Apex Group’s extensive reach across private markets, we look forward to providing companies with a greater range of options to build and evolve their shareholder base.
“Enabling current investors to benefit from increased liquidity in their shares and giving new investors the opportunity to invest in the next generation of high growth companies.”
The argument for investing in Pisces
Geddes echoed this, citing how the private markets have “massively developed” over the last few decades with the introduction of private equity firms and credit funds granting the sector more capabilities to raise funds.
He said: “The number of companies and enterprises that are private has ballooned…lots of people setting up businesses and it’s a much more vibrant environment.
“Twenty years ago if you wanted to raise £100m, there was one route and that was to IPO. Now, you can go to a private equity fund manager.”
Securities venue JP Jenkins was also granted a Pisces licence from the FCA in November, with both platforms still in the early stages of operation.
It had been expected that Pisces markets would be live before the end of the year, but this has since drifted into 2026.