JP Jenkins, the platform for trading privately-held assets, will offer clients greater flexibility after securing a PISCES operator licence by the Financial Conduct Authority (FCA).
The company provides a means for investors in privately-held and unlisted businesses to trade their holdings.
JP Jenkins was acquired by Glasgow-based FinTech provider InfinitX in 2023, enabling real time pricing of private stock with any registered broker or financial institution.
As part of the PISCES regulatory framework, developed by the FCA and the Treasury, it now offers companies choice and flexibility on the JP Jenkins Private Market.
The main trading business of JP Jenkins takes place in London while the Glasgow office at the corner of Wellington Street and West Regent Street provides the technology and administrative support.
Legislation to support The Private Intermittent Securities and Capital Exchange System (PISCES) was passed in June.
JP Jenkins is now the largest private market in the UK, possibly in Europe and chief executive Mike McCudden commented: “Today’s news is the result of months of commitment and dedication by the entire team at JP Jenkins.
“We have worked at pace to get this project over the line and being granted the licence formally recognises not only our recent achievements but also our extensive knowledge of supporting unlisted companies, their investors and indeed the wider UK economy.”
In 2023, the firm integrated its systems electronically with the existing financial market infrastructure. This enables any regulated institution to view prices and place trades in shares hosted on the venue over industry standard order management systems.
Veronika Oswald, commercial director at JP Jenkins, added: “As the first PISCES operator to offer both short trading windows and periodic auctions as frequently as monthly, we’re giving businesses a more flexible, transparent way to unlock liquidity. “
The PISCES regulatory approval also required JP Jenkins to seek direct authorisation by the FCA which has now been granted. This sees the business regulated under its own auspices, rather than using the umbrella services of an Appointed Representative.
Mr McCudden, added: “Through our constructive engagement with both HM Treasury and the FCA, we have been able to play an important role in helping shape this new framework and as only the second entity to be awarded a PISCES operator licence so far, we are genuinely excited when it comes to the prospects this holds for companies and investors alike.”
See also:
Interview with Mike McCudden
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