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The ability for investors or employees to sell shares—otherwise known as ‘liquidity’— is one of the most stubborn barriers facing growing businesses. While capital raising is hard enough, the lack of a viable secondary market, where early-stage investors can sell their investments, can make it even tougher to attract and retain new long-term investors.

That's why the UK's launch of PISCES (Private Intermittent Securities and Capital Exchange System) has sparked real interest across the capital markets world. It's a new regulatory sandbox allowing UK trading platforms to trial more effective ways to trade shares in growth businesses. The focus of this new regulatory sandbox is solely on secondary markets, i.e. a structured way for shareholders in early-stage companies to exit—on their terms.

It's early days, but PISCES is already seen as a progressive step towards solving the liquidity gap that exists in most private markets. And it's a conversation New Zealand should be paying attention to—because, for once, we already have a head start in many of the challenges PISCES aims to tackle.

What makes PISCES different?

PISCES is not a marketplace itself—it's a five-year UK regulatory initiative designed to test how periodic trading could work for private companies, without exposing them to the full weight of public market regulations.

Under PISCES, licensed platforms can help companies to offer liquidity events at defined intervals—such as monthly, quarterly, or biannually. This format helps buyers and sellers more efficiently determine a fair market price and encourages good governance habits, but without forcing constant news flow or daily valuations that cause headaches for growing businesses.

It's a structure that matches the realities of growth companies—especially those not yet ready for a full public listing. And it provides a stepping stone to public markets by building trust with investors along the way.

New Zealand: Already ahead of the curve

While PISCES is just beginning, Catalist has already been running a fully licensed and regulated market with intermittent trading in New Zealand for 4 years. Other than NZX, Catalist operates the only licensed public market in New Zealand, and we've processed over $100 million in transactions, hosted nearly 100 secondary market trading events, and supported over 500 capital raises across our private and public markets since 2021.

Our model combines:

We offer something very few markets globally can claim: a clear, well-governed, and locally regulated path to liquidity without the usual Initial Public Offering (IPO) listing pressures.

Periodic Markets: Global trends

Catalist isn't alone in this thinking. Across the US and Europe, platforms like Nasdaq Private Market are embracing the benefits of structured trading events rather than continuous trading. These markets offer flexibility and discipline—especially valuable for companies navigating fast-changing growth phases.

By giving founders and early investors a clean way to realise value—while keeping long-term control intact—intermittent trading can be a powerful tool for building healthier cap tables, improving valuations, and creating optionality around IPO timing.

What can NZ learn from PISCES?

Rather than reinventing the wheel, New Zealand should take the UK's PISCES initiative as validation of a model that we already have in place. The key isn't more regulation—it's greater engagement with the potential benefits of liquidity.

More founders and advisers should be asking: What would a structured liquidity pathway mean for our investors? Our team? Our growth strategy?

With Catalist, the tools are already here. The regulation is in place. The market is working. All you need to do is join up to participate in the benefits.

The future of liquidity is here

If you're running a growth business, or advising one, it's time to explore structured, sensible liquidity—designed to support your journey, not distract from it.

The UK may be exploring what's possible. New Zealand? We're already making it happen. Come join us.

By Colin Magee