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J P Jenkins Review
J P Jenkins is a UK platform for trading unquoted and delisted company shares. It only works through a regulated stockbroker, not as a direct retail trading account.
Min Deposit
N/A
Spreads From
Not applicable, pricing is a 1.5 percent fee per side plus a 25 pound charge
Max Leverage
Not applicable, this is a cash share trading venue, not a margin broker
Platforms
Matched Bargain Facility, Private Market under PISCES
Pros
- Authorised by the FCA and now one of only two approved PISCES operators
- Long history in UK private markets, tracing back to founding OFEX in 1991
- Fully automatic electronic trading since March 2024, a European first
- Connects to a large network of UK regulated brokers for order flow
Cons
- No direct account, trading only happens through your own stockbroker
- Charges 1.5 percent to both sides plus a fixed 25 pound transaction fee
- JP Jenkins itself warns unlisted shares are high risk and often illiquid
John Jenkins founded the business in 1991 and built the original OFEX market for private and unquoted UK companies. OFEX later became ISDX and then AQUIS, while the JP Jenkins broking arm was sold on and eventually relaunched as a new company in 2012.
InfinitX, a technology firm, bought the JP Jenkins brand in 2023 and moved trading onto an electronic platform. In March 2024, JP Jenkins became the first private market in Europe to run fully automatic order matching. In November 2025, the FCA authorised it to run a PISCES market, making it only the second such operator in the UK.
Trading only happens through an existing UK regulated stockbroker, not a direct account with JP Jenkins itself. Buyers and sellers each pay 1.5 percent of the transaction price plus a 25 pound fee, and stamp duty can still apply outside the PISCES market. JP Jenkins itself warns that investing in unlisted shares is high risk and unsuitable as a core holding.
Max Leverage
Not applicable, this is a cash share trading venue, not a margin broker
Spreads From
Not applicable, pricing is a 1.5 percent fee per side plus a 25 pound charge
Platforms
Regulators
- FCA (UK)
