The London Stock Exchange's (LSE) innovative Pisces market for trading shares in large private companies has secured a crucial intermediary, marking a significant step towards its operational launch.
Apex Group Appointed as Registered Auction Agent
Financial services giant Apex Group has been appointed as the market's Registered Auction Agent (RAA). This pivotal role means the group will be responsible for ensuring all companies wishing to list on Pisces comply with its specific rules before they become available to investors.
Stephen Geddes, head of UK corporate oversight and strategic advisory at Apex Group, stated the firm is ready to provide businesses with "everything they need to unlock liquidity" on this new London marketplace.
Gatekeeper Role: Verifying Sophisticated Investors
A core function for Apex will be to verify all investors seeking access to the Pisces market. The platform is restricted to institutional investors, high-net-worth individuals, and sophisticated investors who meet strict criteria.
This includes having an annual income exceeding £100,000 or having made at least two investments in unlisted companies within the past two years.
"We are required to do a degree of diligence on each investor," Geddes explained. "So, we have to gather information about them to make sure that they are who they say they are." This process addresses earlier concerns about retail investors accessing the market after the Financial Conduct Authority (FCA) granted approval.
Filling the Liquidity Gap for Private Companies
The Pisces market, which received its FCA green light in August, is designed as a solution for large private companies wishing to stay private longer while still providing liquidity for early investors and employees. It aims to bridge a longstanding liquidity gap for growth companies.
Marcus Stuttard, head of UK private markets and AIM at the LSE, commented: "By leveraging Apex Group’s extensive reach across private markets, we look forward to providing companies with a greater range of options to build and evolve their shareholder base."
Geddes highlighted the evolution of private markets, noting the sector's massive development over recent decades with the rise of private equity and credit funds. "The number of companies and enterprises that are private has ballooned," he said, pointing out that businesses now have multiple avenues to raise significant capital beyond a traditional IPO.
While the LSE was the first operator approved to run a Pisces market, securities venue JP Jenkins also received a licence from the FCA in November. Both platforms are in early operational stages, with a live launch now expected in 2026, slightly later than the initially anticipated end-of-2025 timeline.
