AIM is already seen as a stepping stone for London’s main stock market — and the government are hoping this journey can start earlier, with Pisces as a pathway for AIM.

The government is one step closer to launching its Private Intermittent Securities and Capital Exchange System, also called PISCES, after the London Stock Exchange (LSE) announced it’s on board.

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Pisces won’t be open to retail investors – unless they are employees of the company issuing the shares but it could act as a stepping stone for private companies towards an IPO on a public market.

As a secondary market, it will facilitate the trading of existing private company shares for UK or overseas companies. It cannot be used for primary issuance e.g. for initial public offerings.