JP Jenkins has secured authorization from the Financial Conduct Authority to operate as a PISCES platform, marking a pivotal moment for the United Kingdom’s private capital markets. The company, long positioned as the country’s largest liquidity venue for unlisted assets, is now launching the JP Jenkins Private Market under the new regime. This development confirms the firm’s evolution from a specialist venue for matched bargain trading into a fully regulated operator offering structured liquidity for private companies and their investors.
New PISCES Authorization for JP Jenkins
The Private Intermittent Securities and Capital Exchange System, known as PISCES, is a new framework that allows private companies to sell shares to professional and institutional investors through intermittent auctions. JP Jenkins has become only the second operator to obtain a PISCES license, following the London Stock Exchange’s approval earlier this year. Its authorization provides issuers with an additional route to access capital and liquidity without the costs and obligations associated with a full public listing.
Expanding Options in the UK Private Markets
Legislation enabling PISCES came into force in June 2025 as part of wider efforts to strengthen the United Kingdom’s growth and capital markets. By adding JP Jenkins as an authorized operator, the regulator aims to increase competition among platforms and attract a broader mix of growth companies to the system. Policymakers view these structures as a way to connect more private businesses with long term capital, while also giving investors a clearer path into late stage private opportunities.
Technology and Market Infrastructure
JP Jenkins has already invested heavily in integrating its technology with the existing financial market infrastructure to support trading in unlisted securities. Since 2023, its systems have been electronically connected to standard order management platforms used by regulated institutions, enabling brokers to view prices and route orders in real time. The new PISCES operated Private Market will build on this setup by introducing short trading windows and periodic auctions, offered as frequently as monthly, to help companies manage liquidity in a controlled and transparent manner.
Regulatory Milestone and Policy Context
The grant of a PISCES license required JP Jenkins to obtain direct authorization from the Financial Conduct Authority, moving away from operating under an appointed representative structure. This change brings the venue fully under its own regulatory permissions, signaling the regulator’s confidence in the firm’s governance, systems and controls. The FCA, alongside HM Treasury, has highlighted the approval of a second operator as evidence of its intention to foster a more competitive, innovative market for growth companies and professional investors.
Company Perspective and Market Role
JP Jenkins’ leadership has stressed that the authorization reflects months of intensive work and years of experience in supporting unlisted companies. The firm maintains that its customer led design, focused on flexibility and transparency, underpins its approach to liquidity solutions for privately held businesses. Backed by its 2023 acquisition by FinTech provider InfinitX, which enables real time connectivity for brokers and financial institutions, JP Jenkins now positions the Private Market as a central pillar of its strategy.
The regulator’s approval of JP Jenkins as a PISCES operator marks a significant expansion of the United Kingdom’s private market infrastructure. With its new Private Market, enhanced technology stack and direct regulatory authorization, the company offers a more structured option for unlisted businesses seeking liquidity. As additional PISCES operators are encouraged to enter the space, the move places JP Jenkins at the forefront of a developing ecosystem designed to channel more capital into privately held growth companies.