<h1>Markets regulator proposes pilot regulated trading venue for pre-IPO shares to replace grey market and ease fundraising</h1> The markets regulator proposed piloting a regulated trading venue for pre-IPO companies that would permit trading after specified disclosures, aiming to reduce fundraising and onboarding frictions and to replace the current unregulated grey market. The pilot would allow investors to trade shares in the brief interval between IPO allotment and listing and explore new products and asset classes to deepen capital supply and demand. The plan is at an in-principle stage and any interaction with depositories or operational details remains to be worked out.