Vestd, a prominent equity management platform, has secured approval from the Financial Conduct Authority (FCA) to operate a Private Intermittent Securities and Capital Exchange System (PISCES). This landmark approval allows the company to facilitate the trading of shares in private UK businesses. Vestd now joins an exclusive group of approved operators, including the London Stock Exchange and JP Jenkins.
A New Era for Private Market Liquidity
The PISCES framework, established by the FCA in June 2025, provides a regulated environment for private companies to offer shares for trading on an intermittent basis. This innovative system creates a vital middle ground, offering liquidity without the complexities and costs of a full public listing. The market's momentum is growing, especially after QPLAY became the first company to trade its shares under the framework in March 2026.
Vestd's Differentiated Approach
Vestd's PISCES venue is set to distinguish itself by being the first to operate without the need for financial intermediaries. This direct-to-operator model is designed to eliminate fees for buyers, a significant departure from conventional exchange systems. The approach promises to simplify the investment process and enhance accessibility for professional and institutional investors.
By removing intermediaries, the platform aims to create a more streamlined and cost-effective experience for companies and investors alike. This innovative structure is expected to lower barriers to entry and attract greater participation in the private markets. Vestd's early involvement in the PISCES sandbox has uniquely positioned the firm to influence this evolving financial landscape.
Expanding Opportunities for Stakeholders
The introduction of Vestd's PISCES venue offers a crucial new route to liquidity for founders, early-stage investors, and employees. Shareholders can now realize the value of their holdings without waiting for a traditional exit event like an acquisition or IPO. Importantly, existing employee share schemes such as EMI and CSOP can be amended to recognize a PISCES trade as an exercise event.
Yaroslav Kinebas, market infrastructure lead at Vestd, described the approval as an incredibly proud moment for the team. He stated that the venue "opens up a new class of investment opportunities in UK businesses which were previously difficult to access." Kinebas also emphasized the new liquidity options it provides for founders, early investors, and employees seeking returns.
An Integrated Equity Management Ecosystem
This regulatory approval represents the final component in Vestd's vision for an end-to-end equity management ecosystem. The platform now supports the entire lifecycle of private company equity, all within a single, integrated system. Services range from initial company incorporation and share scheme management to cap table administration and now, regulated liquidity events.
For investors, this integration creates a cohesive and comprehensive experience across their private market activities. The platform's capabilities now span the management of Special Purpose Vehicles (SPVs) and entire portfolios. This allows for a seamless transition from portfolio oversight to direct participation in PISCES trading events across a diverse range of UK businesses.
Vestd's FCA approval to operate a PISCES venue marks a pivotal development for the UK's private capital markets. The firm's innovative, intermediary-free model is set to enhance liquidity, transparency, and accessibility for private company shares. This move not only solidifies Vestd's position as a market leader but also signals the increasing maturation of new frameworks for private equity.