London Stock Exchange Group’s new private trading platform Pisces represents a seismic shift in capital markets. As companies access liquidity without going public, traditional IPOs face unprecedented competition from regulated private markets.
The landscape of global capital markets is undergoing a fundamental transformation as private trading platforms gain institutional backing and regulatory approval. The London Stock Exchange Group’s forthcoming Private Intermittent Securities and Capital Exchange System (Pisces) represents the latest establishment endorsement of a trend that could potentially push public markets offstage as the primary venue for capital formation and liquidity. This shift enables companies to raise funds, test valuations, and reward insiders years before considering traditional public listings, fundamentally altering the relationship between private capital and public markets.
The Rise of Regulated Private Trading Platforms