The Financial Conduct Authority (FCA) has approved JP Jenkins as a PISCES operator.
JP Jenkins provides a platform for private and unlisted company securities to be issued and traded. It reported capital and reserves of £247,275 at year-end 2022, its most recently available results. This marked a 25% increase year-on-year.
It was acquired by fintech InfinitX last year, making it a fully electronic trading platform. InfinitX reported capital and reserves of £143,891 for financial year 2024, recovering from 2023’s -£1,064.
A number of companies active on JP Jenkins delisted from the London Stock Exchange over recent years to join the platform, including Superdry, Prax Hurricane and iEnergizer.
Existing JP Jenkins member companies will be able to transition to the PISCES market if eligible. Currently the firm offers a match-bargain facility, which connects buyers and sellers using expressions of interest.
“JP Jenkins played a leading role in the design of PISCES,” the company stated.
Mike McCudden, CEO, added, “We have worked at pace to get this project over the line.”
LSEG was the first company to be approved as a PISCES provider, and also had an active role in the development of the service. In October, it announced that it would use ION’s Fidessa platform to support its PISCES auction events.
READ MORE: LSE harnesses Fidessa for PISCES auctions
The regulatory framework for PISCES platforms is being tested in a sandbox, and will be reviewed by HM Treasury by June 2030. It will then be decided whether the framework is transferred into permanent legislation.
