Simon: Fin-tastic or a red herring? We look at the government's proposal to trade private company and unlisted shares through PISCES. I'm Simon Wood.

Lucy: I'm Lucy Robson and this is Mergerspresso, AG's sound bite on all things corporate finance. Season 2 is almost a wrap and for the Christmas finale we've gone all out on PISCES puns. Guess just how many through the comments.

Simon: More seriously, the Chancellor has affirmed the government's commitment to enabling intermittent trading in unlisted companies through PISCES. It's a framework, not a trading venue, and offers a stepping stone to the public markets. And it's all part of the broader initiative to cast a wider net for UK capital markets.

Lucy: You'll be able to sell private company shares in a designated window. It's a toe in the water, offering owners and employees liquidity in otherwise virtually unsellable shares. The buyer pool will be limited – institutions, high net worth individuals or sophisticated investors, but that's still much more than currently available.

Simon: PISCES won't be a venue to raise new funds through fresh share issues, potentially limiting its hook to corporates. That said, regulation will be a "private company plus" approach, not a watered-down market abuse regime, so reduces the regulatory burden. It's also a chance to experience new investors before diving into the public markets.

Lucy: So, as always, the devil will be in the detail, and that's a way downstream yet.

Simon: But as a concept, and a way to muddy the waters between private and public markets, we think it makes a splash.

Lucy: Join us for season three in 2025 and get in touch if you'd like to chat more.