MUFG Pension & Market Services
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PISCES Services

Our fully-integrated approach helps companies operate within the PISCES framework with confidence. 

PISCES is a new platform designed to facilitate the trading of existing shares in private companies.

It creates an environment for intermittent, secondary market transactions, enabling UK and overseas private companies to provide controlled liquidity to shareholders while remaining private.

Who can participate?

Participation in PISCES is limited to specific investor groups, including institutional investors, high-net-worth and sophisticated investors, as well as employees, officers, shareholders and consultants of participating companies.

How do trading events operate?

Trading takes place through scheduled or ad hoc auction windows, which may occur monthly, quarterly, annually, or as required. Companies retain a high degree of control, including

  • Determining when trading windows are made available
  • Setting pricing parameters, including floor and ceiling levels
  • Restricting access to specific investor groups where appropriate

This flexible approach allows companies to manage liquidity events in a controlled and deliberate manner.

Why PISCES matters?

PISCES provides private companies with a structured mechanism to deliver periodic liquidity, support shareholder lifecycle events, and enhance employee value realisation without transitioning to a public market environment.

Key benefits to issuers

  • Controlled, company-led liquidity events
  • Retention of private company status
  • Structured access to institutional and eligible investors
  • Integrated shareholder, employee and corporate support

Our Private Securities Market Solution

Our service model is designed to operate in alignment with the roles defined within the PISCES market structure, ensuring appropriate separation between issuer support, investor participation, and regulated auction activities.

MUFG Corporate Markets provides a fully integrated service model to support companies operating within the PISCES framework.

Our core services include:

Robin Walker (1)

Robin Walker
Head of Capital Markets
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Seamless transition of shareholder registers, tailored to private market structures. This can be one-off or ongoing maintenance.

Customisable election platform to take share sale election orders for shareholders and employees.

Comprehensive support across auction setup, execution, and ongoing planning.

Efficient creation and activation of electronic securities within the CREST system.

 

Control over share transfers between trading events via Euroclear, supporting orderly market operation.

As a Registered Auction Agent (RAA), MUFG Corporate Markets facilitates investor participation in PISCES auctions by enabling eligible investors (including high-net-worth individuals, employees, shareholders, officers and corporate participants) to access and participate in trading events, in accordance with applicable regulatory and market requirements.

Facilitation of secure investor access to disclosure portals, including management of permissions for trading events.

Monitoring disclosure engagement to support the approval of eligible participants.

Direct connectivity to enable efficient order placement and auction participation.

Particular expertise in supporting employee shareholders and share plan participants within private market liquidity events. Enabling employees to exercise share options with costs settled from sale proceeds, including payroll and FX handling where required.

Dedicated servicing for corporate shareholders participating in auctions.

Proportionate onboarding for employees and a digital KYC journey for external investors.

Whether you're exploring your first trading event or building a long-term liquidity strategy, our integrated approach helps simplify an evolving market landscape.

Get in touch today to discover how MUFG Corporate Markets can help your company prepare for and participate in the PISCES market.

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