There’s a good reason no other jurisdiction has created a regulated private stock market… argues Delphine Currie

Imitation, it is often said, is the sincerest form of flattery, so it’s perhaps for that reason that, in November of last year, the Chancellor resuscitated the previous government’s plans for the world’s first regulated private stock market.

Unveiled at the Chancellor’s first Mansion House speech, the Private Intermittent Securities and Capital Exchange System (Pisces) will allow shares in private companies to be traded at intervals, not entirely dissimilar to public markets. Heralded as a significant step forward for UK capital markets, Pisces is not only intended to revive the UK’s diminishing IPO pipeline, but to provide a fillip to the UK economy more generally.

The exact shape of the proposed market will become clearer now the FCA’s consultation has closed, but as the world’s first regulated private stock market, Pisces certainly qualifies........

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