JP Jenkins is launching a wholesale Private Intermittent Securities and Capital Exchange System (PISCES) solution, less than a month after its initial approval as a PISCES operator.
The partnership aims to give early-level, high-growth companies access to a wider investor base and trade on a secondary market. JP Jenkins has partnered with Sapphire Capital Partners on the launch, with the investment management firm’s portfolio companies able to access the structure.
Sapphire Capital Partners last reported its assets under management at more than £300 million.
Last month, the Financial Conduct Authority announced JP Jenkins as its second approved PISCES operator.
READ MORE: FCA approves second PISCES operator
No trades have yet been reported on a PISCES platform, despite the FCA expecting shares to begin trading before the end of the year.
Technology for the new market will be integrated into the firm’s existing ecosystem, it has stated, with all approved brokers and institutions able to connect directly to its order books.
Sapphire Capital’s founder and chairman Boyd Carson commented, “We realised that the launch of the new PISCES operator licenses would present us with a unique opportunity. [The partnership will] provide new liquidity options and exit opportunities for investors in private companies.”
Elsewhere in the PISCES landscape, financial solutions vendor Apex Group has launched a suite of services and become a Registered Auction Agent (RAA) for the London Stock Exchange’s offering.
The firm will offer support to companies pre-PISCES trading events to ensure they meet compliance and transparency requirements, and will then manage the trading process during that secondary share sale.
Earlier this year, the LSE partnered with ION to use its Fidessa platform for auction events.
READ MORE: LSE harnesses Fidessa for PISCES auctions
PISCES’ regulatory framework is operating in a sandbox environment until 2030, when HM Treasury will provide feedback to Parliament on the initiative. A decision will then be made as to whether it will become part of permanent legislation.
