tZERO Group, Inc. and North Capital Investment Technology, Inc. have announced a collaboration called Agora, described as the first technology network connecting Alternative Trading Systems to enable broader market access for tokenized securities and other private securities. The initiative brings together two leading ATSs to create shared infrastructure for securities discovery and order routing across platforms.
Agora will allow securities listed on one ATS to be accessible to qualified subscribers of another, expanding market reach and potential liquidity without requiring bespoke integrations between each platform. Participating ATSs will retain full control of their matching engines, settlement processes, and compliance procedures.
"Private securities markets have operated in silos for too long," said Jim Dowd, Chief Executive Officer of North Capital. "Agora's purpose is to create the connective infrastructure to allow ATSs to maintain their independence while participating in a broader network that will be expanded through tokenization on public blockchains. This is how we unlock liquidity in private markets."
Alan Konevsky, Chief Executive Officer of tZERO, emphasized the need for market defragmentation. "For tokenized and private securities to reach their full potential, they can't live inside isolated platforms. Markets need connective tissue - not walled gardens. Agora represents an important step toward a more open, interoperable market structure, where ATSs retain their independence while enabling assets and liquidity to move more freely across platforms."
The initial phase of the Agora network launch will focus on internal connectivity, enabling qualified subscribers of the tZERO ATS to access securities listed on the North Capital PPEX ATS, and vice versa. This phase is designed to validate the core routing and integration technology. Subsequent phases will aim to open the network to additional third-party ATSs and liquidity providers, further accelerating market access and liquidity aggregation across the private securities ecosystem.
Konevsky highlighted blockchain's role in this transformation. "Blockchain is the ideal candidate to become the base layer for private markets because it allows assets to be issued, traded, and settled on shared, interoperable rails. When private assets are natively digital and regulated, they can move across venues, access multiple liquidity pools, and integrate directly into modern market infrastructure."
Agora will operate as a technical registry and routing layer – not an exchange or ATS. ATSs will be participants, choosing the securities they wish to make available and the capabilities they plan to support. Broker-dealers, RIAs, and qualified institutional buyers register as subscribers to discover and trade securities across the network. When a subscriber submits an order, Agora will route it to the appropriate ATS where the security is listed for trading.
Key features include single integration for subscribers to connect once to access securities across all participating ATSs, ATS sovereignty where each platform maintains control of matching, settlement, and compliance, and access limited to qualified institutional participants including registered investment advisors, qualified institutional buyers, and broker-dealers. The network will support REST API and FIX connectivity, with participant fees designed to support allocated operating costs.
The Agora API framework is expected to be available in the first half of 2026. North Capital operates the PPEX Alternative Trading System, a SEC-registered ATS for secondary trading of private and other exempt securities, with more information available on their website. tZERO provides an innovative liquidity platform for private companies and assets, with additional details on their website.
This development represents a significant step toward addressing fragmentation in private securities markets, potentially unlocking liquidity through improved connectivity and interoperability. By creating shared infrastructure while allowing platforms to maintain independence, Agora could accelerate the adoption of tokenized securities and transform how private markets operate, particularly as blockchain technology becomes more integrated into financial infrastructure.
