The regulator is swinging its eyes at private markets, should investors be worried? Asks Edwin Richards

The Private Intermittent Securities and Capital Exchange System (Pisces) is the FCA’s answer to private companies working with privately run platforms to exchange shares. The FCA’s aim is to create a regulated market for trading shares in private companies. The FCA’s consultation ends on Monday.

We can all agree that a platform that helps create liquidity in private company shares is a good thing for companies and investors and there are already platforms such as JP Jenkins and Asset Match that facilitate this. The question is does it need regulating? Most will be aware that investing in a private company involves higher risk than with public ones. These platforms will become increasingly important as the market for private company shares grows exponentially, driven, not least, by private equity liquidity........

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