On March 6, the UK Government published a consultation paper on establishing UK-based intermittent trading platforms for trading shares in unlisted companies. The proposed private intermittent securities and capital exchange system (“PISCES”) will facilitate the secondary trading of shares in any company whose shares are not admitted to trading on a public market in the UK or abroad. Under PISCES, unlisted companies, wherever incorporated, will be able to arrange trading events to enable existing shareholders to sell shares to global investors within the framework of a supervised, bespoke regulatory regime that combines elements from the public and private markets. This memo considers the UK Government’s innovative proposals.