A UK regulator said a new framework for private company share sales will create “more of a ‘buyer beware’ market” than a traditional stock exchange, with higher risks of insider trading.
The Financial Conduct Authority said it will monitor the potential for market abuse as it develops the Private Intermittent Securities and Capital Exchange System, or Pisces. Only institutions and professional investors will be able to use the new system, and the operators are still to be confirmed.
Pisces is intended to let private companies open trading windows for employees and early investors to sell stock. Demand for this type ...
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