London Stock Exchange debuts first private share trade under new UK regulatory framework
The London Stock Exchange launched its first private share trade today under the PISCES framework. This move aims to boost growth by helping smaller firms.
Insights:
The London Stock Exchange Group plc has launched its first transaction under the United Kingdom 
GB Private Intermittent Securities and Capital Exchange System (PISCES) framework today, February 20, 2026. This milestone marks the first operational use of the regulator-approved, exchange-run PISCES platform, which is designed to facilitate the trading of private-company shares. The transaction was executed through the creation of an exchange-enabled investment structure, known as a TPEIC, to hold shares in Oxford Science Enterprises and enable trading through structured auctions on the Private Securities Market.
GB Private Intermittent Securities and Capital Exchange System (PISCES) framework today, February 20, 2026. This milestone marks the first operational use of the regulator-approved, exchange-run PISCES platform, which is designed to facilitate the trading of private-company shares. The transaction was executed through the creation of an exchange-enabled investment structure, known as a TPEIC, to hold shares in Oxford Science Enterprises and enable trading through structured auctions on the Private Securities Market.
