Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the introduction of the Private Intermittent Securities and Capital Exchange System on economic growth; and when the regulatory framework for that system will be finalised.

In May 2025, the government delivered legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES). An impact assessment was published alongside it.

The Financial Conduct Authority (FCA) published their rules underpinning PISCES on 10 June 2025. This finalises the regulatory framework. Those wishing to operate a PISCES platform can now apply to the FCA.