Share scheme and equity management platform Vestd has been granted approval by the Financial Conduct Authority (FCA) to operate the Private Intermittent Securities and Capital Exchange System (PISCES).
The PISCES framework was established by the FCA in June 2025 and allows private firms to auction off shares to professional and institutional investors without the need for a public launch.
As the first platform to operate without the need for financial intermediaries, Vestd’s PISCES venue will not charge fees to buyers and will allow investors to work directly with the operator to reduce fees and simplify the process.
Vestd will join the London Stock Exchange, JP Jenkins and others as approved PISCES operators.
After QPLAY became the first issuer to see its shares traded using the new trading framework in March 2026, Vestd says its entry as a newly-approved operator signals the ongoing maturity of the new market.
“Being granted a PISCES Approval Notice by the FCA is an incredibly proud moment for myself and the rest of the Vestd team,” says Yaroslav Kinebas, market infrastructure lead at Vestd.
“The Vestd PISCES venue opens up a new class of investment opportunities in UK businesses which were previously difficult to access, and offers new liquidity options for founders, early-stage investors and employees.”
Kinebas says for investors, Vestd’s end-to-end solution now covers Special Purpose Vehicles (SPVs) and portfolio management, through to investing in a diverse range of businesses via PISCES events.
