On 18 March 2026, JP Jenkins admitted QPLAY—a specialist technology investment fund—to its newly FCA-approved PISCES trading platform. By late March, the firm had concluded the world's first structured liquidity auction under the Private Intermittent Securities and Capital Exchange System (PISCES) framework, marking a watershed moment for how unlisted company shares trade in the UK.

The closure of QPLAY's auction signals a fundamental shift in private market infrastructure. Where once secondary trades in pre-IPO and unlisted equity relied on bilateral negotiations or informal channels, PISCES now offers a regulated, transparent mechanism. For UK founders, investors, and intermediaries, understanding this development is essential—it affects valuation discovery, share liquidity, and the regulatory path to secondary markets.

This article unpacks the QPLAY auction, the PISCES framework, and why JP Jenkins' first-to-market position matters.

What Is PISCES, and Why Does It Matter?

PISCES stands for the Private Intermittent Securities and Capital Exchange System. Approved by the Financial Conduct Authority (FCA) in November 2025, PISCES is a regulatory framework designed to enable licensed operators to run trading platforms for unlisted equities and debt. It sits between the traditional stock exchange (LSE, for example) and informal private market trading, offering structure without the full regulatory burden of a main market listing.

The FCA's PISCES framework addresses a long-standing gap in UK capital markets. Private companies have historically struggled to provide shareholders—employees, angels, VCs, and early supporters—with a mechanism to exit or rebalance holdings without a formal IPO or acquisition. Existing solutions—secondary funds, bilateral trades, tender offers—were inefficient, opaque, and often inaccessible to smaller stakeholders.

PISCES resolves this by establishing clear rules for:

  • Order collection and matching: Operators can now aggregate buy and sell orders in specified windows, then execute them at uncrossing prices (the price at which supply and demand balance).
  • Transparency and reporting: Trades are reported to the FCA and, where appropriate, published post-execution, improving price discovery.
  • Participant protection: Rules on conflicts of interest, market conduct, and intermediary conduct apply, bringing private trading closer to regulated market standards.
  • Scale and efficiency: By automating order collection, operators reduce friction and lower costs compared to bilateral negotiation.

JP Jenkins and the LSE's Private Securities Market (LSE PSM) are currently the only two FCA-approved PISCES operators in the UK. This duopoly means both platforms will shape how secondary trading in unlisted equity evolves over the next 3–5 years.

JP Jenkins' QPLAY Auction: A Detailed Breakdown

QPLAY is a UK-focused venture and growth capital fund. On 18 March 2026, it became the first security to trade on JP Jenkins' PISCES platform. According to RNS announcements filed by JP Jenkins, the auction followed a structured process:

Order Window and Admission

QPLAY's admission to the JP Jenkins platform on 18 March opened an order collection period. During this window, registered participants—including institutional investors, brokers, and eligible private investors—could submit buy and sell orders. JP Jenkins, in its role as the operator, did not take principal risk but functioned as a neutral infrastructure provider, aggregating orders.

Intermediaries played a crucial role. Peel Hunt, the London-based investment bank, acted as a corporate broker for QPLAY, liaising with existing shareholders, promoting the trading opportunity to potential buyers, and managing communication with the operator. This model mirrors traditional securities trading: the exchange (now JP Jenkins) provides the venue, while brokers facilitate order flow and client relationships.

Uncrossing and Trade Execution

On the scheduled uncrossing date—the exact date remains proprietary to JP Jenkins but fell in the week of 24–28 March 2026, based on typical PISCES auction windows—the operator identified the clearing price at which aggregate buy orders matched sell orders. All trades executed at this single price, ensuring fairness and eliminating the possibility of information leakage or front-running that can occur in bilateral negotiations.

The RNS announcements confirm that QPLAY trades were executed and reported post-uncrossing, consistent with PISCES rules. Order book depth and final trade volumes were disclosed, providing transparency that is absent in many private market secondaries.

Scale and Participation

Exact figures on order volume and participant count have not been published (JP Jenkins operates a light-touch disclosure model within PISCES bounds), but the successful completion demonstrates that institutional appetite for unlisted trading exists. This is significant: it suggests that secondary markets for non-IPO-bound companies are economically viable in the UK, contradicting earlier scepticism from some quarters.

Why JP Jenkins Won, and What It Signals

JP Jenkins' first-mover status under PISCES is not incidental; it reflects strategic positioning and regulatory ambition. The firm, established as a technology-enabled investment platform, applied early for PISCES operator approval and secured FCA sign-off alongside its move into institutional-grade trading infrastructure.

Competitive Positioning

By closing QPLAY first, JP Jenkins has established proof of concept. Founders, investors, and existing shareholders now have evidence that the platform works: orders are collected, matched, and executed in a structured, transparent manner. This first-mover credibility will attract subsequent issuers seeking secondary liquidity.

The LSE PSM, which also secured PISCES approval in November 2025, is a formidable competitor. The London Stock Exchange's brand, regulatory pedigree, and existing distribution relationships give it inherent advantages. However, JP Jenkins' earlier execution with QPLAY means it will publish its first impact data—cost metrics, execution speeds, trading spreads—before the LSE PSM concludes its initial auctions. This narrative advantage matters for fundraising and brand-building in fintech.

The Role of Intermediaries Like Peel Hunt

Peel Hunt's involvement in QPLAY underscores a crucial point: PISCES operators are not trying to disintermediate brokers or banks. Instead, they are creating a regulated venue that brokers can use more efficiently. Peel Hunt, as corporate broker, retained relationships with shareholders and issuers, reducing friction and providing advisory services that the platform itself cannot offer.

This is a template for UK fintech: regulatory frameworks that complement, rather than replace, traditional intermediaries tend to succeed. The FCA's PISCES design recognizes this, explicitly allowing approved intermediaries to facilitate order flow.

Regulatory and Market Context: The Bigger Picture

UK Capital Markets Competitiveness

PISCES arrives amid broader UK efforts to maintain London as a global financial hub. Post-Brexit regulatory divergence has enabled faster innovation; the FCA, freed from certain EU directives, can approve new trading venues more quickly than EU counterparts. PISCES is a deliberate regulatory advantage: US regulators (the SEC) have no equivalent framework for unlisted trading, and EU rules on secondary markets for non-listed securities remain more prescriptive.

By approving PISCES and enabling platforms like JP Jenkins to operate, the FCA is signalling that London intends to capture secondary trading in high-growth, pre-IPO, and unlisted companies—a market where Silicon Valley private funds (like Carta, Forge, and EquityZen) currently dominate globally.

Implications for Founders and Employee Share Schemes

For UK founders and growth-stage teams, PISCES matters directly. Employees holding options or RSUs in private companies now have a regulated path to partial liquidity via secondary markets. Rather than waiting for an IPO (increasingly rare; only ~100 tech companies IPO annually in Europe) or acquisition, employees can sell a portion of vested holdings to new investors, improving retention and morale.

Founders, too, benefit: secondary auctions allow early investors to exit or rebalance without forcing an acquisition or IPO timeline. This reduces pressure on founders to chase exits prematurely and enables companies to stay private longer if fundamentals support it.

HMRC and Tax Considerations

The FCA approval of PISCES does not automatically trigger tax changes, but the increased transparency and frequency of secondary trading may prompt HMRC to revisit valuations for CGT and inheritance tax purposes. Companies and investors should flag that trading on PISCES platforms may constitute a "material transaction" for valuation purposes under HMRC guidance on unlisted company shares. Taking advice from a tax specialist (accountant or tax lawyer) before trading is prudent.

JP Jenkins vs. LSE PSM: The Competitive Dynamic

Both JP Jenkins and the LSE PSM are FCA-approved PISCES operators, but their models differ:

  • JP Jenkins: Technology-first, lean operator model, fintech-friendly fee structure, focus on speed and transparency. Likely to appeal to venture-backed companies and tech-savvy investors seeking efficient, algorithmic execution.
  • LSE PSM (LSE's PISCES arm): Brand heritage, existing institutional distribution, premium positioning, traditional investment banking relationships. Likely to appeal to larger, more established private companies and wealth managers seeking a "blue-chip" venue.

In practice, both will coexist. Larger companies may even dual-list (offer shares on both platforms), allowing different investor cohorts to participate. This mirrors Nasdaq and NYSE competition in the US: both thrive despite redundancy.

The key question for UK founders: which platform will become the de facto standard for secondary trading in UK unlisted companies? The answer will emerge over 12–24 months as more issuers complete auctions and market participants develop preferences based on cost, liquidity, and execution quality.

The Path Forward: What Comes Next for PISCES

Expected Growth in Unlisted Trading

The success of JP Jenkins' QPLAY auction will likely trigger a wave of secondary offerings. Venture debt firms, growth equity funds, and mature private companies will increasingly view PISCES platforms as a standard tool for managing shareholder bases and providing secondary liquidity. Industry forecasts suggest that within 2–3 years, 20–30 private companies per year in the UK could conduct PISCES-style auctions.

Potential Platform Extensions

JP Jenkins and the LSE PSM may eventually expand PISCES to cover:

  • Unlisted debt: Bonds and loan notes from private companies.
  • SAFEs and convertibles: Secondary trading in warrant-like instruments and future equity agreements.
  • Real estate investment trusts (REITs) and alternative assets: Expanding beyond equities to diversify the offering.

Each extension requires FCA amendment to the operator's permissions, but the regulatory appetite for innovation suggests these are likely.

International Expansion

JP Jenkins is UK-based, but its parent entity may seek to export the PISCES model or equivalent frameworks to European markets, Singapore, or other fintech hubs. If successful, PISCES could become a global template for unlisted trading, positioning UK regulators as thought leaders.

Practical Takeaways for Founders and Investors

If you are a UK founder or investor considering unlisted secondary trading, here's what matters:

  • Know your platform: Check whether the operator is FCA-approved as a PISCES operator. JP Jenkins and LSE PSM are the only two currently authorised; others offering unlisted trading are likely operating in a regulatory grey zone.
  • Understand execution mechanics: PISCES auctions use uncrossing prices, meaning you don't control the exit price as you might in a bilateral trade. Ensure you understand potential price ranges before committing to sell.
  • Tax planning: A PISCES trade is a taxable event for CGT and potentially income tax (depending on share type and holding period). Plan with your accountant in advance.
  • Broker selection: Choose a broker experienced with PISCES trading (Peel Hunt and others are building this expertise). Their advice on timing and price expectations is valuable.
  • Follow RNS filings: If your company trades on a PISCES platform, RNS announcements will disclose trading details. Review them to stay informed on shareholder composition and trading trends.

Conclusion: A Pivotal Moment for UK Private Markets

JP Jenkins' closure of the world's first PISCES liquidity auction for QPLAY is not merely a technical milestone; it is a validation that the UK's regulatory framework for unlisted secondary trading is functional, fair, and attractive to institutional capital. The FCA's approval of PISCES in November 2025 has moved from theory to practice in under four months, a pace that reflects both regulatory pragmatism and market demand.

For founders, the QPLAY auction signals that secondary liquidity for private companies is no longer a pipe dream reserved for mega-cap unicorns. For investors, it opens new opportunities to trade positions in high-potential unlisted companies without waiting for an IPO or forced acquisition. For intermediaries like Peel Hunt, it provides a modern venue to serve clients more efficiently.

The competition between JP Jenkins and the LSE PSM will sharpen execution, lower costs, and drive innovation in how unlisted companies manage their shareholder bases. Within 18 months, PISCES secondary trading should be a standard feature of the UK founder and investor toolkit, reducing the scarcity premium on private equity exits and supporting longer, more sustainable private company growth.

Keep watching this space. The next PISCES auction will likely be announced within weeks, and each successive trade will refine the market's understanding of how UK unlisted equities should be priced, traded, and governed.