Qplay's JP Jenkins Debut Marks Lacklustre Launch for Pisces Market
Tuesday 10 March 2026 12:57 pm – The debut of board game maker Qplay on JP Jenkins has marked a notably lacklustre launch for London's new Pisces private market, raising immediate questions about the government-backed initiative's transformative potential. This development comes after a fierce competitive battle between JP Jenkins and the London Stock Exchange Group (LSEG) to secure the first listing on their respective Pisces venues.
Outsmarted Owner Qplay Becomes First Pisces Constituent
Qplay, owner of the board game Outsmarted, will be JP Jenkins' inaugural Pisces constituent, listing on its platform a week earlier than anticipated. The company's promotional video urges players to "Roll the dice. Make your move. Prove you're the smartest. But hurry – the clock's ticking." This messaging ironically parallels the intense competition between market operators to attract companies to their Pisces platforms.
Initially, LSEG appeared poised to secure the first Pisces listing with investment firm Tradable Private Equity (TPE), which holds shares in Oxford Science Enterprises through an abstruse structure. The first TPE trades were scheduled for 25 March. However, JP Jenkins executed a strategic maneuver, outsmarting LSEG by securing Qplay's commitment to list earlier.
Transformative Vision Meets Underwhelming Reality
The Pisces market framework was conceived as a transformative development for the City of London, designed to democratise investor access to private companies and provide a stepping stone toward full public listings. Government expectations projected Pisces listings to commence in 2025, but the initiative has failed to generate significant momentum.
LSEG actively courted prominent, billion-pound firms including Revolut and Octopus, receiving only polite smiles and raised eyebrows in response. Meanwhile, JP Jenkins' debut offering features a board game manufacturer with fewer than ten employees and approximately half a million pounds in profit – hardly the groundbreaking entrant envisioned for this market launch.
First-Mover Disadvantage and Future Concerns
There exists a clear element of first-mover disadvantage, as potential Pisces participants appear hesitant to be the inaugural guests at this financial party. Many would-be members are biding their time, awaiting more substantial developments before committing to the platform.
Without a major, high-profile company to catalyse market activity, concerns are mounting that Pisces may conclude not with a transformative bang but with a disappointing whimper. The clock continues ticking for this ambitious market initiative as it seeks to establish itself as a meaningful component of London's financial ecosystem.
