Winterflood Securities has been granted approval to become a Registered Auction Agent (RAA) on the London Stock Exchange’s Private Securities Market (PSM). This is a considerable step towards enabling private securities to be traded, and a facilitating private market auctions.
As an RAA, Winterflood will be a licenced intermediary that will be able to execute orders on the PSM on behalf of investors. Winterflood is one of a number of brokers and other financial and professional services firms that will operate as an RAA.
The PSM is a Private Intermittent Securities and Capital Exchange System (PISCES) venue within the understanding of Financial Conduct Authority’s (FCA) PISCES regulatory sandbox.
Winterflood, as a leading retail-focused capital markets distributor, is participating in several PISCES pilot schemes.
Scott Lesser, Head of Trading Solutions at Winterflood, said: “Winterflood has carved out a niche as a retail-focused facilitator, and we are working closely with all potential PISCES venues to enable retail involvement in private markets. We look forward to capitalising on all these opportunities and providing liquidity to UK private companies.”
Joe Winkley, Head of Corporate Services at Winterflood, said: “We are very pleased to be among the very first firms registered as an RAA. The FCA has made increased investment in private markets a defining ambition and, with the PISCES framework, we finally have both the regulatory environment and the technical details to enable investment.
“The LSE has created a clear, structured and scalable venue with its PSM framework, and we look forward to participating on behalf of both companies and investors.”
To discuss this announcement or the topic in more detail, If you would like to discuss WRAP in more detail, please contact Joe Winkley, Director & Head of Corporate Services or Scott Lesser, Head of Trading Solutions at Winterflood Securities Limited.
Winterflood in the media
‘Winterflood given greenlight to facilitate private market auctions’, Investment Week, Monday 8 December 2025
‘Private Securities Market: Winterflood Becomes Registered Auction Agent for LSE’s PISCES Platform’, Crowdfund Insider, Monday 8 December 2025
