The UK Treasury has published a response paper on the proposed regulatory framework for a new ‘Private Intermittent Securities and Capital Exchange System’ (PISCES).
PISCES will provide a platform for private companies to trade their securities in a controlled environment and will act as a bridge between private and public markets. It will incorporate elements of public markets, such as multilateral trading, as well as elements of private markets, such as greater discretion over how company disclosures are distributed and when trading happens.
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