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UK Regulator Greenlights Private Share Trading Platform PISCES to Launch This Year

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Britain’s Financial Conduct Authority (FCA) has finalized rules for a new private share trading platform called the Private Intermittent Securities and Capital Exchange System (PISCES), with trading expected to start later this year through a regulatory “sandbox.” The platform aims to facilitate trading of shares in private companies, helping early investors and employees to sell shares and new investors to fund growing businesses.

PISCES will operate by enabling intermittent trading events where private company owners can offer shares at set prices to new investors. This model is designed to bridge the gap for small and early-stage firms that may not be ready for a full initial public offering (IPO) but want to access capital markets and gain investor visibility.

Simon Walls, FCA’s executive director of markets, highlighted that PISCES will give investors greater access and confidence to invest in promising companies, while also allowing early backers and employees liquidity options. The UK Treasury’s Economic Secretary Emma Reynolds welcomed the initiative, emphasizing its role in strengthening capital markets and supporting economic growth.

Operators interested in running PISCES platforms, such as the London Stock Exchange, must apply for FCA approval. The regulator has adapted final rules based on market feedback, including a 25% threshold for major shareholder identification, eased disclosure requirements, and increased control for companies over their investor base.

While some industry players, including bankers, have expressed concerns about potential revenue impacts and competition with existing markets like the Main Market and AIM, legal experts view PISCES as an innovative step to invigorate UK capital markets.

The FCA will continue testing the platform under the sandbox regime before establishing a permanent regulatory framework by 2030.

Spectris Open to $5 Billion Takeover Bid from Advent, Shares Jump 70%

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British scientific instruments maker Spectris (SXS.L) said it would accept a £3.73 billion ($5.06 billion) takeover offer from U.S. private equity firm Advent if a formal bid is made, sending its shares soaring 70% on Monday. The bid values Spectris at approximately £37.63 per share including dividends, representing an 85% premium over its last closing price.

Spectris’ shares had fallen sharply earlier this year, hitting an eight-and-a-half-year low in April amid trade policy uncertainties and weak demand. The company provides hardware and analytical software to industries such as pharmaceuticals, steel, and automotive across 36 countries.

JP Morgan analysts noted Spectris had long been seen as a takeover target due to its simplified portfolio and undervaluation relative to U.S. peers. The firm had previously said it expected to offset tariff impacts through surcharges.

The proposed takeover is the largest in the UK so far this year and comes amid a trend of acquisitions and subdued IPO activity affecting the London stock market. Advent must submit a formal offer by July 7 or abandon the bid, according to UK takeover rules.

Spectris’ board has indicated it would recommend the offer if formally presented. Despite the recent surge, the company’s shares remain down roughly 50% from their peak in September 2021.

Wise Shifts Primary Listing to U.S., Delivering Fresh Blow to London’s Financial Market

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Money transfer company Wise announced Thursday that it plans to move its primary stock market listing from London to the United States, marking another significant setback for London’s efforts to maintain its position as a leading global financial center. The company’s shares surged more than 8% following the announcement, bringing its market capitalization to over £12 billion ($16.28 billion).

Wise, which first listed in London in 2021, had signaled in April that it was exploring its listing options, but the decision to move to the U.S. surprised many analysts. The shift underscores the growing appeal of American capital markets for global companies seeking higher valuations, deeper liquidity, and broader investor access.

CEO and co-founder Kristo Kaarmann cited the depth and liquidity of U.S. markets as the primary reasons for the move. “The U.S. has the world’s deepest and most liquid capital markets, which will make it easier for investors globally to buy shares in Wise,” Kaarmann said.

Despite the relocation, Wise plans to maintain a secondary listing in London, signaling continued ties to its home market where roughly 20% of its staff and most of its executive team remain based.

Another Blow to London’s IPO Ambitions

Wise’s departure is the latest in a string of high-profile companies abandoning or bypassing London in favor of other markets. In recent months:

  • Unilever selected Amsterdam over London or New York for its ice cream division’s primary listing.

  • Shein, the Singapore-based fast-fashion giant, is reportedly leaning towards a Hong Kong IPO after regulatory challenges for a London listing.

  • Cobalt Holdings, a metals investor backed by Glencore, scrapped its London IPO plans entirely this week.

These developments highlight the ongoing difficulties London faces in attracting and retaining major listings, despite recent reforms aimed at modernizing and liberalizing its capital markets to compete with global peers.

London Reforms Not Enough

Kaarmann emphasized that the U.K. government has made meaningful efforts to modernize its capital market regulations, aligning them more closely with U.S. standards. However, he acknowledged that companies ultimately need to follow the global flow of capital.

“The government has definitely made an effort… but we have to accept the reality of where the world’s capital is concentrated,” he said.

A Wise spokesperson declined to say whether other international listing venues were considered.

Solid Financial Performance

Alongside the listing news, Wise reported strong annual earnings. Underlying pretax profit rose 17% to £282.1 million for the year ending March 31, 2025. Shares of the company are up nearly 40% over the past year, though they remain below their 2021 IPO levels.

Wise’s British competitor, Revolut, which offers similar financial services, has also been expanding aggressively in the U.S., underlining the growing importance of American markets to European fintech companies.