The LSE’s innovative use of the PISCES framework marks a milestone as a vehicle holding shares in Oxford Science Enterprises prepares for its first auction, broadening access to private market assets.
A vehicle holding shares in Oxford Science Enterprises will be the first asset to trade under the Financial Conduct Authority’s PISCES framework, the London Stock Exchange confirmed, marking a milestone for its Private Securities Market.
According to City A.M., the instrument , a Tradable Private Equity Investment Company, or TPEIC , will be owned by Tradable Private Equity (TPE) and will offer shares in Oxford Science Enterprises through an auction on the LSE’s PSM “in the coming weeks.” The fund, which backs early-stage companies emerging from the University of Oxford across artificial intelligence, life sciences and quantum computing, sold a major stake in Oxford Ionics after that company was acquired by US rival IonQ for more than £1bn, City A.M. reports.
The LSE described the transaction as the debut use of its Private Intermittent Securities and Capital Exchange System, and Julia Hoggett, chief executive of the London Stock Exchange, said: “We are delighted that the first transaction will take place on our Private Securities Market in the coming weeks. This is a clear example of how companies, and structures such as TPEIC, can use our new market and the PISCES framework in innovative ways to access the solutions that best suit their needs.”
TPE founder Fred Bouverat, speaking to City A.M., framed the structure as a response to limited liquidity mechanisms in private markets, saying the vehicle will give professional investors exposure “to innovation from one of the world’s leading research universities… while removing the complexity” of a fund listing on the Pisces product itself.
Operational partners and distribution partners are in place. Equiniti said it has delivered operational readiness to facilitate the first PSM auction, according to a company statement, while Crowdcube has launched its initial offering tied to the TPEIC arrangement, enabling eligible investors to obtain economic exposure to Oxford Science Enterprises, industry reporting shows.
The LSE and legal advisers emphasise that the PISCES roll-out is expected to accommodate both direct company admissions and intermediary vehicles such as TPEICs. Markets commentators and legal analysis note that the proliferation of exchange-traded wrappers may widen access to private assets for professional investors but is unlikely in itself to reverse the long‑running decline in UK IPOs, a key policy objective for successive Chancellors. Octopus, one of several household-name companies that attended LSE briefings last year, has publicly stated it has “no plans” to use the new market, underscoring mixed appetite among large scale-ups.
Reports differ on timing. City A.M. and other outlets say the auction will take place before the end of March, while a LinkedIn post by an industry commentator cites March 25, 2026, as the scheduled trading window. The London Stock Exchange has used more cautious phrasing, indicating the auction will occur “in the coming weeks.”
Regulatory commentary highlights the novelty of bringing intermittent, exchange‑based auctions to private securities. Legal analysis from Burges Salmon and coverage in Markets Media describe the TPEIC as a mechanism to create regulated secondary liquidity without a full initial public offering, operating within the LSE’s public market infrastructure and subject to PISCES permissions.
Industry platforms and investors are watching closely. Investment Week and FF News report that TPE has launched the asset on the PSM and that platforms such as Crowdcube are partnering to distribute access, potentially opening the door for thousands of investors to participate in permissioned auctions for assets that previously traded only within closed private markets.
While the debut transaction concentrates on a venture vehicle rather than a single fast‑growing household name, the LSE stressed that the PSM is designed to be flexible. City A.M. quotes exchange officials as expecting a mix of direct company admissions and intermediary structures to use the market, even as some advocates had hoped PISCES would prompt a rapid return of large scale listings to London.
The exact volume of shares to be released by TPE in the auction has not been disclosed. The LSE and TPE declined to provide further details beyond their public statements.
- https://www.cityam.com/london-stock-exchange-confirms-first-firm-on-pisces-framework/ – Please view link – unable to able to access data
- https://www.globenewswire.com/news-release/2026/02/23/3242751/0/en/Equiniti-Delivers-Operational-Readiness-for-the-First-LSE-Private-Securities-Market-Auction.html – Equiniti has announced its role in facilitating the first auction on the London Stock Exchange’s Private Securities Market (PSM). This auction, scheduled to take place in the coming weeks, marks a significant milestone for the PISCES framework, which aims to provide private companies with access to intermittent liquidity auctions using the LSE’s public market infrastructure. The auction will involve shares in Oxford Science Enterprises, a venture capital firm linked to Oxford University, and will be conducted through a Tradable Private Equity Investment Company (TPEIC) structure.
- https://www.marketsmedia.com/first-asset-debuts-on-lses-private-securities-market/ – The London Stock Exchange’s Private Securities Market (PSM) has hosted its first transaction under the Financial Conduct Authority’s (FCA) PISCES framework. This inaugural trade was conducted through a Tradable Private Equity Investment Company (TPEIC) structure, which holds shares in Oxford Science Enterprises, a venture firm associated with Oxford University. The TPEIC facilitates trading through structured auctions on the PSM, providing a regulated platform for private companies to access liquidity without a full initial public offering.
- https://www.burges-salmon.com/articles/102mjzv/london-stock-exchanges-psm-confirms-first-pisces-auction – The London Stock Exchange’s Private Securities Market (PSM) has confirmed its first auction under the PISCES framework. The transaction involves a Tradable Private Equity Investment Company (TPEIC) holding shares in Oxford Science Enterprises, an investment company established to commercialise research from the University of Oxford. This structure enables exchange-based secondary liquidity in private markets, allowing professional investors to access shares in private companies through permissioned auctions on the PSM.
- https://www.linkedin.com/pulse/london-stock-exchanges-pisces-debut-global-race-jibril-mohamed-ahmed-tpzcc – The London Stock Exchange Group (LSE) has executed the first transaction under its new Private Intermittent Securities and Capital Exchange System (PISCES). This debut trade was conducted through a Tradable Private Equity Investment Company (TPEIC) structure, which holds and facilitates trading of shares in Oxford Science Enterprises, a venture firm linked to Oxford University. The first auction-style trading window on the LSE’s Private Securities Market (PSM) is scheduled for March 25, 2026, marking a significant development in private market liquidity.
- https://ffnews.com/newsarticle/tradetech/crowdcube-and-london-stock-exchange-group-launch-first-offer-via-a-tpeic/ – Crowdcube, the private market investment platform, has launched its first transaction as part of its private securities market partnership with the London Stock Exchange Group, using a Tradable Private Equity Investment Company (TPEIC) structure developed by TPE. Through this structure, eligible investors can access economic exposure to Oxford Science Enterprises, the investment firm and venture builder operating in partnership with Oxford University. OSE’s portfolio spans AI, life sciences, and deep technology emerging from Oxford’s research ecosystem.
- https://www.investmentweek.co.uk/news/4525922/tpe-launches-asset-london-stock-exchanges-private-securities-market – Tradable Private Equity (TPE) has launched its first asset on the London Stock Exchange’s Private Securities Market (PSM) under the Financial Conduct Authority’s Private Intermittent Securities and Capital Exchange System (PISCES) framework. The asset comprises shares in Oxford Science Enterprises, a venture firm associated with Oxford University. This launch marks a significant development in providing private companies with access to liquidity through structured auctions on the PSM, operating within regulated exchange infrastructure.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on 20 February 2026, reporting on a transaction scheduled to occur in the coming weeks. This aligns with other recent reports from 20 February 2026, confirming the first transaction under the PISCES framework. ([marketsmedia.com](https://www.marketsmedia.com/first-asset-debuts-on-lses-private-securities-market/?utm_source=openai)) The content appears original, with no evidence of recycling from low-quality sites or clickbait networks. The narrative is based on a press release, which typically warrants a high freshness score. However, the use of a press release as the primary source may limit the independence of the information.
Quotes check
Score:
7
Notes:
The article includes direct quotes from Julia Hoggett, CEO of the London Stock Exchange, and Fred Bouverat, CEO & Founder of TPE. These quotes are consistent with statements found in other reputable sources from 20 February 2026. ([marketsmedia.com](https://www.marketsmedia.com/first-asset-debuts-on-lses-private-securities-market/?utm_source=openai)) However, the absence of direct links to the original sources raises concerns about the ability to independently verify the quotes. Without access to the original press releases or statements, the verification of these quotes is limited.
Source reliability
Score:
6
Notes:
The article originates from City A.M., a UK-based business news publication. While City A.M. is known for its business coverage, it is not as widely recognised as major news organisations like the BBC or Reuters. The article relies heavily on a press release from TPE, which may introduce bias or a lack of independent verification. The reliance on a single source for the majority of the information raises concerns about the independence and reliability of the content.
Plausibility check
Score:
8
Notes:
The claims made in the article are plausible and align with recent developments in the financial sector, particularly regarding the PISCES framework and the London Stock Exchange’s Private Securities Market. The involvement of Oxford Science Enterprises, a known entity in the venture capital space, adds credibility to the narrative. However, the lack of independent verification and reliance on a single source for the majority of the information introduces uncertainties about the accuracy of the claims.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information about the first transaction under the PISCES framework on the London Stock Exchange’s Private Securities Market. While the content is plausible and aligns with recent developments, the heavy reliance on a press release from TPE and the lack of independent verification from multiple reputable sources raise significant concerns about the reliability and independence of the information. The absence of direct links to the original sources of the quotes further diminishes the ability to independently verify the claims made. Given these issues, the content does not meet the necessary standards for publication under our editorial guidelines.