JP Morgan is seeking approval to handle deals on the London Stock Exchange’s Pisces market, a move that signals growing momentum for the private bourse. The US bank aims to become a registered auction agent, a role that would allow it to broker deals on the London Stock Exchange’s Private Securities Market, according to sources.
This would place JP Morgan alongside firms such as Bank of America and Rothschild in facilitating transactions on Pisces. The Private Intermittent Securities and Capital Exchange System was introduced by the Financial Conduct Authority (FCA) last year to enable private companies to sell shares through structured auctions, mirroring aspects of public markets.
The framework, developed by the London Stock Exchange and the previous Conservative government, was designed to allow investors and employees to monetise their shares without the complexities of a public listing. Recent activity on the platform includes AI car firm Wayve, which allowed staff to sell approximately $85m (£62.8m) of shares in July, and savings fintech Moneybox, which conducted a £45m staff share sale valuing the company at £800m later that month.
David Schwimmer, CEO of LSEG, the London Stock Exchange's parent company, stated in July that there was “growing momentum” behind the market and it was “opening up significant new market opportunities” for the group. However, some advisers have raised concerns that the market could potentially hinder the UK’s efforts to revitalise its initial public offering pipeline by enabling companies to remain private for longer.