London Stock Exchange outlines plans for its new regulated trading platform for shares in private companies

On 26 June 2025, the London Stock Exchange published Market Notice N05/25, outlining its intended changes to the Rules of the LSE (Rules) and the trading system to accommodate the launch (pending regulatory approval from the FCA) of its new Private Securities Market later in 2025. This follows the opening of the Private Intermittent Securities and Capital Exchange System (PISCES) sandbox for applications from prospective PISCES operators earlier this month (see FC Feature 10 June 2025). The LSE had already signalled its intention to become a PISCES market operator and to launch the Private Securities Market later this year (LSE Press Release).

A limited number of new or amended Rules will be required to incorporate the requirements of the Private Securities Market. These will include the changes set out below.

• Market abuse – while the UK Market Abuse Regulation (UK MAR) will not apply, in order to maintain orderly markets, the LSE will prohibit member firms from engaging in manipulative trading practices on the Private Securities Market and will provide guidance to support member firms' own compliance.
• Registered Auction Agents (RAAs) – in order to access the Private Securities Market, member firms will be required to register as RAAs and new rules regarding their conduct, responsibilities and functions will be introduced.

The proposed Rule changes will be subject to market consultation and will be communicated via a Stock Exchange Notice 'as soon as reasonably practicable'.

For further information on the LSE's Private Securities Market, see LSE Webpage: Private Securities Market.

First published on the Corporate News Service on 27 June 2025.

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