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PISCES so far, and a tokenisation roadmap

A quiet week before the Budget on 28 October. The FCA says the PISCES sandbox has seen seven transactions, and it plans to publish a roadmap on tokenisation in the coming weeks.

Published 15 October 2026

This is an earlier briefing, kept as it was published. Some of it may be out of date: see the latest.

  1. regulator

    FCA: seven PISCES transactions so far, and a tokenisation roadmap due soon

    In a speech on 5 October 2026, an FCA director said four operators have been authorised for PISCES, the sandbox for trading shares in private companies, and that there have been seven transactions. The FCA will also publish, the speech said, a joint roadmap on tokenisation "in coming weeks". This was a speech: it set out no new rules.

    With seven transactions so far, PISCES is still a new and small market. The roadmap could say more about how shares and bonds can be issued on new technology, but the rules for tokenised securities stay as they are until anything changes.

    Routes: PISCES (trading days for private company shares), Tokenised securities (digital shares and bonds)

    1. FCA: Reforming UK capital markets to ensure they work well for our economy (speech, 5 October 2026) · checked 15 October 2026
    2. FCA: PISCES: platforms for trading private company shares · checked 9 October 2026

Coming up

As of 15 October 2026. Dates set by others can move.

  1. Commercial Payments Bill: third reading in the Lords (listed; may change) (source)

    Statutory late-payment interest and compensation

  2. The Budget (source)

    Research and development (R&D) tax relief, Angel investment

  3. Bank of England rate decision (source)

  4. Bank of England rate decision (source)

  5. Bank Referral Scheme: industry proposals due (source)

    Bank term loan

  6. The base rate on this day sets late-payment interest for debts late from 1 January 2027 (source)

    Statutory late-payment interest and compensation