Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the launch of the London Stock Exchange's private securities market under the private intermittent securities and capital exchange system framework; and what assessment they have made of the impact of that market on UK capital formation for high-growth technology businesses.

In May 2025, the Government delivered legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES), which will support private firms to scale and grow.

The Financial Conduct Authority (FCA) has since approved two PISCES operators.

The Treasury and the FCA will jointly assess the efficacy of PISCES over the five-year sandbox period. Consideration will be given to the functioning of the legal and regulatory framework, as well as to the outcomes for market participants.