The Financial Conduct Authority (FCA) has approved the London Stock Exchange to operate a PISCES (Private Intermittent Securities and Capital Exchange System) platform, a move pushed by the government to encourage growth by persuading more privately held companies to consider raising finance for specific projects and expansions.

The platform will bring together buyers and sellers of shares in private companies to trade on an intermittent basis. It will be a specialist stock market to trade shares in privately held companies with lighter regulation than the full listed market.