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LONDON - JP Jenkins, the UK's largest liquidity venue for unlisted assets, has been awarded a PISCES (Private Intermittent Securities and Capital Exchange System) operator license by the Financial Conduct Authority, the company announced Tuesday.
The license, granted under legislation passed in June 2025, allows JP Jenkins to offer trading services on its Private Market platform with new regulatory status. The company has also received direct FCA authorization, moving away from its previous Appointed Representative structure.
"Today's news is the result of months of commitment and dedication by the entire team at JP Jenkins," said Mike McCudden, CEO of JP Jenkins, in the press release statement.
JP Jenkins is only the second entity to receive a PISCES operator license to date. The company states it will offer both short trading windows and periodic auctions as frequently as monthly, providing options for companies seeking liquidity for their unlisted securities.
In 2023, JP Jenkins integrated its systems electronically with existing financial market infrastructure, enabling regulated institutions to view prices and place trades in shares hosted on the venue through standard Order Management Systems.
The company was acquired by FinTech provider InfinitX in 2023, which facilitated real-time access and pricing capabilities with registered brokers and financial institutions.
PISCES was established to create a regulatory framework for private securities trading in the UK market. JP Jenkins reports it participated in consultations with HM Treasury and the FCA during the development of this framework.
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