Interest in PISCES continues to build as companies explore alternatives to traditional public listings. Intermittent trading offers a structured way to provide liquidity while avoiding the full obligations of an AIM or Main Market listing. It also introduces expectations around reporting, governance and communication that sit somewhere between private ownership and public markets. The CFO sits at the centre of this shift. Companies considering PISCES benefit from finance leaders who understand the demands of semi public environments and can guide the organisation through the preparation and execution of each trading window.

PISCES creates a rhythm that is unfamiliar to many private companies. Intermittent trading windows require information to be prepared to a standard that supports fair price discovery. This differs from private fundraising, where narrative often carries more weight and timelines are more flexible. CFOs with experience in public or private equity backed organisations understand the discipline required. They bring a calm, structured approach to reporting and help ensure that the company is ready well ahead of each window. This reduces internal pressure and makes the process more predictable.

Financial control becomes increasingly important. Intermittent trading places scrutiny on the accuracy and reliability of information. Experienced CFOs strengthen control environments, streamline processes and ensure that numbers can withstand challenge. This gives boards and investors confidence that the organisation is presenting a fair and balanced view of performance. It also reduces the risk of last minute adjustments, which can create uncertainty at a point when clarity is essential.

Forecasting is another area where experienced CFOs add value. Trading windows require the organisation to present a clear understanding of performance drivers and future expectations. Many high growth companies have limited modelling capability before reaching this stage. CFOs with experience of more structured environments can introduce forecasting frameworks that link strategy to financial outcomes. This helps the leadership team make better decisions and gives investors a clearer sense of the company’s trajectory.

Communication also becomes more significant. PISCES introduces an audience that expects measured, well supported explanations of performance. CFOs play a central role in shaping this narrative. They work closely with the CEO to prepare materials, respond to investor queries and ensure that messaging is consistent across financial and strategic commentary. Their presence provides reassurance during trading windows, when information flow must be well controlled and thoughtfully delivered.

Governance expectations increase too. Companies entering PISCES must demonstrate that they can operate with a level of transparency and oversight that goes beyond typical private structures. CFOs with experience in regulated or listed environments help establish the processes needed to meet these expectations. They understand the importance of audit quality, timely disclosure and the relationship between management, boards and advisers. This familiarity reduces the learning curve and allows the company to approach PISCES with greater confidence.

The CFO’s influence extends beyond reporting. Intermittent trading affects culture and internal rhythm. Teams may be unaccustomed to working toward fixed disclosure deadlines. Leaders who can guide employees through these adjustments help maintain morale and reduce anxiety. Experienced CFOs bring a steadying influence. They set clear expectations and help build internal confidence that the organisation can manage the demands of semi public life without losing its identity.

Boards also benefit from the presence of seasoned CFOs. Liquidity events create pressure, and board members rely on finance leaders to provide clear, reliable information. CFOs with transaction or public market backgrounds understand how boards will interpret financial data and can prepare materials accordingly. This strengthens governance and helps ensure that decisions are made on a well informed basis.

Fram’s work with high growth and semi public organisations highlights a consistent theme. Companies that approach PISCES thoughtfully often choose to strengthen their finance leadership early. They recognise that the CFO plays a pivotal role in shaping both the technical and cultural readiness of the organisation. These companies tend to navigate trading windows with greater ease, maintain clearer communication with investors and build a more resilient financial structure.

The role of experienced CFOs in PISCES eligible organisations is therefore both operational and strategic. They provide the clarity, discipline and composure needed to support intermittent trading while helping the business mature in a balanced way. Their influence often extends well beyond the trading windows themselves, shaping the organisation’s long term resilience and ability to communicate with confidence.

Successful firms recognise that hiring well is not just about experience, but alignment, timing and intent. Contact Fram if we can ever assist you with insights on the issues raised.

This article is for general information only and does not constitute financial, legal, or investment advice. Fram Professionals provides leadership and organisational advisory services and does not offer regulated financial advice.