Britain’s plans for a potential revival in the equity capital market are heavily dependent on a new secondary share trading platform causing disunity in the financial sector even before its launch. The Private Intermittent Securities and Capital Exchange System (PISCES) will offer private company owners the chance to sell their shares on regulated exchanges during specific trading windows, effectively enabling them to go public temporarily. Government officials and regulators are hopeful that PISCES will foster stronger connections between wealthy investors and private firms, leading these firms to consider major public listings that London has been missing out on for some time.

However, some sectors within the UK financial industry are skeptical about the concept, particularly given the recent impact of global trade tariffs imposed by U.S. President Donald Trump. Concerns have been raised by bankers regarding potential revenue losses and the risk of being overlooked in a thriving private capital market. Other drawbacks identified include the lack of privacy in sales outcomes, which could harm the future value of emerging businesses, the possibility of competitors or activist investors gaining excessive control, and reduced legal protection for investors against insider trading.

Many bankers are hesitant to endorse PISCES to their clients, predicting limited adoption unless as a final resort, which could hinder its uptake. This reluctance may have adverse effects on Chancellor Rachel Reeves’ efforts to stimulate sluggish economic growth in the UK, especially as other global financial centers compete to replace London's status as Europe's primary financial hub. Doubts have been raised by numerous industry sources regarding the genuine demand for a platform like PISCES.

Owners using PISCES can establish a price range for their shares but may find it challenging to conceal unfavorable pricing compared to traditional off-market sales through banks. "Without the liquidity, it becomes a vulnerable place for a business to be because PISCES is always going to be more public than doing a purely bilateral secondary transaction," explained Rishi Khosla, CEO and co-founder of OakNorth Bank, in an interview with Reuters.