tZERO Group, Inc. and North Capital Investment Technology, Inc. announced their collaboration on Agora, 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 that "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." He added that blockchain technology allows assets to be issued, traded, and settled on shared, interoperable rails, turning tokenization from a feature into a foundation for future market infrastructure.
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. 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. Mike Weaver, Managing Director at North Capital, stated that "expanding liquidity through open systems, open standards, and automation will provide a catalyst to unlock the private securities market." The Agora API framework is expected to be available in the first half of 2026. More information about North Capital's operations can be found on their website, while information about tZERO's services is available through their website.
This development represents a significant structural change for private securities markets, which have traditionally operated in isolated platforms. By creating interoperability between trading venues, the initiative aims to address fragmentation that has limited liquidity and market efficiency. The focus on qualified institutional participants maintains regulatory compliance while expanding access to private market opportunities that have historically been difficult to trade across different platforms. The integration of blockchain technology positions tokenization as a foundational element rather than merely an additional feature, potentially transforming how private securities are issued and settled across multiple trading systems.
