Latest news with #PISCES
Observer
a day ago
- Business
- Observer
FCA looks to revitalise London's sluggish markets
New PISCES markets could begin trading before the end of this year, in what the UK government hopes will be a boost for fast-growing companies in search of a stepping stone before reaching IPO (Initial Public Offering). The framework known as the Private Intermittent Securities and Capital Exchange System (Pisces), will allow the creation of a new type of private stock market, regulated by the Financial Conduct Authority (FCA), with a much leaner regulatory burden compared to firms on public stock exchanges. In the FCA's own words, 'Pisces will give the investors more opportunities to buy stakes in growing companies. And private companies can tap into a broader range of investors and asset managers, leading to greater support for future fundraising.' LSEG (London Stock Exchange Croup) boss David Schwimmer has expressed excitement about the new framework adding that investor interest 'is not just from the UK – it's global.' A statutory instrument setting out the regulations was put before Parliament last month for it to set out the final rules on the scheme. Industry sources suggested the regulator has some work to do to ensure the scheme's framework fits with market expectations. A key point of contention is a requirement that Pisces shares be traded intermittently, which the rules define as 'occasional, not frequent, and of limited duration.' That would put it at odds with public stock markets, which allow for continuous daily trading between fixed hours. Mike McCudden, CEO of liquidity venue JP Jenkins, which hopes to operate its own Pisces exchange later this year, said he was 'surprised' that intermittent trading was the starting point for Pisces. Dozens of private companies have had their shares admitted for trading to the firm's platform, worth a combined £2bn. The precise form that trading could take could also determine which investors get involved. The FCA says the use of a central securities depository or CSD (known as Crest in the UK) will be optional for Pisces market operators. Those who elect not to use the system, which facilitates the electronic settlement of share trades, could exclude certain types of funds from participating who require CSD functionality. That would mean some Pisces markets end up with quite different sets of investors, and levels of liquidity, than others. Another area of concern is on share buybacks. While the manoeuvre is common on the London Stock Exchange, it is thought that the Treasury regards it as a waste of capital resources, so has banned its use on Pisces markets, which are designed to encourage investment into innovation. But there are concerns that the ban could be another dampener on liquidity, which could stunt the market's growth. 'Whilst there are legitimate concerns here in terms of constraining growth potential – something that we believe sits at the heart of Pisces – (the use of buybacks) also affords a flexible capital reorganising mechanism that may be vital especially if a company is looking towards a full IPO,' McCudden said. There are hopes that these issues and others could be cleared up under a five-year regulatory sandbox (it provides a controlled environment for firms to test new innovations), which will allow the FCA to test the design before finalising permanent regime in 2030. The sandbox environment is designed to enable the FCA to check everything is working as well as it could be and allow the regulator to make refinements more quickly. The regulatory sandbox system is one that has attracted international praise for its flexibility in the past. But there is no guarantee that regulators will agree with everyone in the industry. McCudden said he was desperate for the sandbox to be used constructively to ensure the outcome addresses real challenges within the London market. Andy Jalil The writer is our foreign correspondent based in the UK.
Hamilton Spectator
a day ago
- Entertainment
- Hamilton Spectator
Horoscope for Sunday, June 22nd, 2025
There's a laidback energy in the air today that bodes well for leisurely activities like fishing, swimming, or chatting with friends. Spending the day napping could also be an appealing option. However, for more difficult or demanding chores, it could be hard to find the motivation needed to get anything done. If there is work or responsibilities to handle, a slow and steady approach will enable us to be productive without wearing ourselves out. Night owls might be able to get more accomplished as the pace picks up toward the late evening. ARIES (March 21 to April 19) Take time to nourish your body and soul by doing something that you love. TAURUS (April 20 to May 20) Seek experiences that nurture the little kid within you. Focus on fun today. GEMINI (May 21 to June 20) You might not have much energy today. Maybe you should take a timeout. CANCER (June 21 to July 22) It's a great day for enjoying the company of friends. LEO (July 23 to Aug. 22) You may need to squirrel yourself away from everyone so that you can have some quiet time to work, study or think. VIRGO (Aug. 23 to Sept. 22) If you feel inspired to participate in a group activity like volunteering or a sports game, heed the call. LIBRA (Sept. 23 to Oct. 22) Worry about the things you can control, not so much about the things you can't. SCORPIO (Oct. 23 to Nov. 21) You might be craving a change of scenery. Get out and explore. SAGITTARIUS (Nov. 22 to Dec. 21) Use the day to take care of any unfinished or leftover items on your to-do list. CAPRICORN (Dec. 22 to Jan. 19) You could have a lot of fun teaching or attending a workshop. Engaging with people who have a love of learning will be enriching for you. AQUARIUS (Jan. 20 to Feb. 18) Tend to your emotional well-being today. What do you need that you may have been lacking recently? PISCES (Feb. 19 to March 20) Romance looks promising. Let your heart lead the way! FOR TODAY'S BIRTHDAY You might attempt to keep your emotions hidden behind a steely exterior, but it doesn't take long before people know what's really on your mind. Your emotions are powerful, as are you. You're passionate, tenacious and extremely intuitive. People find you endearing. You enjoy heartfelt encounters as well as being a part of a team or a family-oriented group. You look after your loved ones and take pleasure in making others feel at home. This year, you may be inspired to team up with people for a shared cause or just for fun. You will find strength in numbers! BIRTHDATE OF: Meryl Streep, actress; Carson Daly, television host/producer; Donald Faison, actor/comedian.
Scottish Sun
2 days ago
- Entertainment
- Scottish Sun
Pisces weekly horoscope: What your star sign has in store for June 22
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) OUR much-loved astrologer Meg sadly died in 2023 but her column will be kept alive by her friend and protégé Maggie Innes. Read on to see what's written in the stars for you today. Sign up for Scottish Sun newsletter Sign up PISCES FEB 19 - MAR 20 🔵 Read our horoscopes live blog for the latest readings 1 With the heat of the sun and the insight of the new moon both lighting up your creative chart, ideas flow thick and fast, and at least one can be well underway by the weekend. The key is starting strong, even when the plan is not quite perfect – as you have initiative to alter it along the way. Passion links to voices – and the way you simply can't ignore one special one. DESTINY DAYS: Long distance deals work out best on Tuesday. Fix a date on Friday to find something, or someone, special. Stay home on Saturday – let the fun come to you. MAKE THIS THE WEEK YOU… Listen more and say less, especially around someone younger. Be your own best friend – silence any self-doubt. Push forward with any address-transformation dream. What your zodiac sign says about your home decor TAROT CHALLENGE: Sudden crushes and infatuations, love at first sight and plunging into a project with even more impulsive eagerness than usual – all these can happen in your world this week as you draw the Tarot card TEMPTATION. This is also a strong card of fertility — and in the near future, can show you giving in to impatience rather than thinking things through. But you can handle this, when you trust yourself. Fabulous is the home of horoscopes, with weekly updates on what's in store for your star sign as well as daily predictions. You can also use our series of guides to find out everything from which star sign to hook up with for the steamiest sex to what it's like to live your life totally by your horoscope.
The Irish Sun
2 days ago
- Entertainment
- The Irish Sun
Pisces weekly horoscope: What your star sign has in store for June 22
OUR much-loved astrologer Meg sadly died in 2023 but her column will be kept alive by her friend and protégé Maggie Innes. Read on to see what's written in the stars for you today. Advertisement PISCES FEB 19 - MAR 20 🔵 Read our 1 With the heat of the sun and the insight of the new moon both lighting up your creative chart, ideas flow thick and fast, and at least one can be well underway by the weekend. Advertisement The key is starting strong, even when the plan is not quite perfect – as you have initiative to alter it along the way. Passion links to voices – and the way you simply can't ignore one special one. DESTINY DAYS : Long distance deals work out best on Tuesday. Fix a date on Friday to find something, or someone, special. Stay home on Saturday – let the fun come to you. Advertisement MAKE THIS THE WEEK YOU… Listen more and say less, especially around someone younger. Be your own best friend – silence any self-doubt. Push forward with any address-transformation dream. What your zodiac sign says about your home decor TAROT CHALLENGE : Sudden crushes and infatuations, love at first sight and plunging into a project with even more impulsive eagerness than usual – all these can happen in your world this week as you draw the Tarot card TEMPTATION. This is also a strong card of fertility — and in the near future, can show you giving in to impatience rather than thinking things through. Advertisement But you can handle this, when you trust yourself. Most read in Fabulous Fabulous is the home of horoscopes, with weekly updates on what's in store for your star sign as well as daily predictions. You can also use our series of guides to find out everything from which star sign to
Finextra
6 days ago
- Business
- Finextra
Avenir Registrars gets Pisces-ready
Avenir Registrars, the next-generation securities registrar, has this morning announced the release of its Register-lite suite of products. 0 Designed to accommodate the needs of growth companies, including those who may be considering listing under the proposed PISCES framework, the flexible structure offers a CSD-compatible securities register where the functionality can be tailored to meet the company's needs as they grow. Hardeep Tamana, Managing Director of Avenir Registrars, commented: 'Technology has always been at the heart of the Avenir proposition. By tailoring our existing suite of registry products, we have launched Register-lite to deliver a right-sized solution, allowing growth companies to manage their shareholder register - or cap table - in a way that is both functional and future-proof. Unlike other products on the market, Register-lite is fully compatible with a CSD, enabling companies to migrate seamlessly to more formal market structures as they grow.' With more companies staying private for longer, PISCES offers a once in a generation opportunity to reinvigorate London as a capital market. Founders and early stage investors will benefit from a verifiable market price for their investments, as well as having the ability to liquidate holdings or raise fresh capital. Jai Baker, Head of Business Development at Avenir Registrars, added: 'With the PISCES project now coming to fruition, we taking action to bridge some of the gaps that exist in the infrastructure that will be required to support those businesses who may be considering the framework at some point in time. Our flexible and modular registry services offer issuers a right sized solution that can grow to meet their needs, significantly reducing future administrative burdens.' The accurate recording of shareholder names and any subsequent transfer of ownership is a vital role that needs to be undertaken by any UK business to ensure compliance with the Companies Act. A Central Securities Depositary (CSD) plays a critical role in managing this process, especially as transactions in a company's security grow in volume. Ensuring cap tables or registers can seamlessly integrate with a CSD can prove instrumental in supporting the growth of a business.
