Thought leadership and news A new form of private company share trading - on your terms Private companies often face challenges facilitating shareholder and employee liquidity needs, whilst also supporting growth and retaining control of their shareholder base. The London Stock Exchange’s Private Securities Market (PSM) addresses these challenges by enabling structured share trading opportunities through PSM auctions. Companies can offer these trading windows at defined intervals using public market infrastructure, while remaining private. They retain control over trading frequency, investor access, and price formation, supported by an efficient and established market framework. For existing shareholders and option holders this provides them with the means to realise value from their holdings, while giving buyside investors early access to high-growth private companies. Enabled by the Government’s PISCES framework, Private Securities Market is live for company applications. Private Securities Market Price List August 2026 328.7KB • PDF Private Securities Market documents Read our new blog: 5 Steps Founders Should Take Now Key benefits of the Private Securities Market Benefits for companies Benefits for investors Benefits for the broader market Benefits for companies: The Private Securities Market aims to offer private companies access to regular liquidity and these benefits: More efficient transactions Reduce your transaction times and execution risk using the London Stock Exchange’s efficient public-market technology. Tailor your shareholder base Use open or permissioned auctions to either diversify or consolidate your capitalisation table. Auction control Choose which investors can participate in your auctions, when your auctions happen, which securities you auction and the range within which price-formation can occur. Improved share incentive offerings Use the Private Securities Market to help attract, incentivise and retain talent, by giving them confidence that they’ll have extra and potentially earlier options to realise value from their share incentives. Optimised investor outreach Manage investor disclosure to a timetable matching your auction requirements and evolve your governance processes over time. A repeatable structure for liquidity Put in place arrangements that allow for repeat liquidity over time, engaging with an ecosystem of service providers who can help with the transition to public markets if you ever wish to do so. Benefits for investors: Our Private Securities Market will help to make investing in private businesses more accessible for a range of investors – including venture capitalists, business angel syndicates, family offices, high net worth investors, and institutional investors and asset managers – in the following ways: A new source of deal flow

Get direct exposure to private company investments, and improved confidence over the ability to buy and sell your holdings. Better visibility Know where you need to bid, with reduced uncertainty around transaction times, with simpler and quicker executions of transactions. Improved transparency Gain up-to-date company information with a disclosure framework that helps standardise the information you can expect to see. Trade on a London Stock Exchange regulated venue, leveraging our technology and experience of running institutional-grade public market infrastructure. Benefits for the broader market: The broader market – including investment banks and platforms, brokers and professional services companies – can enhance their client offerings by: Keeping up with innovation Help your clients to participate in this vibrant new market ecosystem. Connect with private companies and bring them opportunities throughout their funding journey. New business opportunities Support your clients that want to use this new ground-breaking framework to buy and sell private company shares. Register as an investor To get ready for upcoming Private Securities Market auctions, you can now register as an investor via our Disclosure Portal. Registered Auction Agents Registered Auction Agents (RAAs) are member firms of the London Stock Exchange that act as the gateway for shareholders and eligible investors to access the Private Securities Market. Thought leadership and news Discover our thought leadership resources and the latest Private Securities Markets news The role of the Registered Auction Agent in the Private Securities Market Private Securities Market: The rules, preparation requirements and the disclosure portal PISCES explained: What it is and why it matters To speak to the team about our Private Securities Market please complete the form: Tom Simmons Private Securities Market Director, Private Markets Development Aaron Singh Private Securities Market Manager, Equity Product Development and Policy Georgina Loizou Private Securities Market Senior Manager, Equity Markets Product Development Mark James Private Securities Market Consultant - Investor Relations Sachini Fernando Private Securities Market Product Manager, Private Markets Infrastructure