Private Securities Market

Overview
Benefits
Registration
Thought leadership and news

Private companies often face challenges facilitating shareholder and employee liquidity needs, whilst also supporting growth and retaining control of their shareholder base. The London Stock Exchange’s Private Securities Market (PSM) addresses these challenges by enabling structured share trading opportunities through PSM auctions.

Companies can offer these trading windows at defined intervals using public market infrastructure, while remaining private. They retain control over trading frequency, investor access, and price formation, supported by an efficient and established market framework. For existing shareholders and option holders this provides them with the means to realise value from their holdings, while giving buyside investors early access to high-growth private companies. Enabled by the Government’s PISCES framework, Private Securities Market is live for company applications.

[Music playing in the background.] PISCESPrivate Securities MarketChange is here.New opportunities, new possibilities.For the first time ever,private company shares will be available to investors via theLondon Stock Exchange,providing both companies and investors with a new form ofprivate company liquidity.Everything we've built in public markets for decades,our knowledge, experience,and global network of member firms combined to offer the newand purpose built private securities market.Leveraging the world class infrastructure, tools,and technology that facilitate trades of over one trillionpounds through the London Stock Exchange each year.We can help companies at every stage of their growth journey.Private companies and investors currently face opaqueinefficient processes when it comes to buying and selling shares.The new private securities market enables efficient accessto liquidity with purpose built regulationand offers a solution that puts companies firmly in thedriver's seat using technology that powers public markets daily.From the timing of auctions to who can invest,companies can choose how and when they want to use the newmarket to enable the trading of their shares at regular intervals,providing shareholders and employees access to liquidity,and companies access to new investors to createopportunities for growth.The private securities market offers a regulated venue forinvestors to access and invest in high growth private companies.In this new era of private company liquidity,you can use the private securities market to accessliquidity on your terms.Learn more.Search private securities market or visit london stockexchange dot com forward slash private securities market.

Benefits for companies
Benefits for investors
Benefits for the broader market

More efficient transactions

Reduce your transaction times and execution risk using the London Stock Exchange’s efficient public-market technology.

Tailor your shareholder base

Use open or permissioned auctions to either diversify or consolidate your capitalisation table.

Auction control

Choose which investors can participate in your auctions, when your auctions happen, which securities you auction and the range within which price-formation can occur.

Improved share incentive offerings

Use the Private Securities Market to help attract, incentivise and retain talent, by giving them confidence that they’ll have extra and potentially earlier options to realise value from their share incentives.

Optimised investor outreach

Manage investor disclosure to a timetable matching your auction requirements and evolve your governance processes over time.

A repeatable structure for liquidity

Put in place arrangements that allow for repeat liquidity over time, engaging with an ecosystem of service providers who can help with the transition to public markets if you ever wish to do so.

Benefits for investors:

Our Private Securities Market will help to make investing in private businesses more accessible for a range of investors – including venture capitalists, business angel syndicates, family offices, high net worth investors, and institutional investors and asset managers – in the following ways:

A new source of deal flow

Get direct exposure to private company investments, and improved confidence over the ability to buy and sell your holdings.

Better visibility

Know where you need to bid, with reduced uncertainty around transaction times, with simpler and quicker executions of transactions.

Improved transparency

Gain up-to-date company information with a disclosure framework that helps standardise the information you can expect to see.

Confidence

Trade on a London Stock Exchange regulated venue, leveraging our technology and experience of running institutional-grade public market infrastructure.

Keeping up with innovation

Help your clients to participate in this vibrant new market ecosystem.

Earlier access

Connect with private companies and bring them opportunities throughout their funding journey.

New business opportunities

Support your clients that want to use this new ground-breaking framework to buy and sell private company shares.

To get ready for upcoming Private Securities Market auctions, you can now register as an investor via our Disclosure Portal.

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Registered Auction Agents (RAAs) are member firms of the London Stock Exchange that act as the gateway for shareholders and eligible investors to access the Private Securities Market.

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The role of the Registered Auction Agent in the Private Securities Market

The market gives intermediaries the opportunity to expand their service offering to help investors access this opportunity to buy or sell private company shares.