tZERO Group, Inc. and North Capital Investment Technology, Inc. have announced a collaboration called Agora, the first technology network connecting Alternative Trading Systems (ATSs) to enable broader market access for tokenized securities and other private securities. This initiative brings together two leading ATSs to create shared infrastructure for securities discovery and order routing across platforms, addressing what executives describe as a fragmented private securities market.
Private securities markets have traditionally operated in isolated platforms, limiting liquidity and market access. Agora aims to create connective infrastructure that allows ATSs to maintain their independence while participating in a broader network that will be expanded through tokenization on public blockchains. According to Jim Dowd, Chief Executive Officer of North Capital, "Private securities markets have operated in silos for too long. 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."
The network 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. Alan Konevsky, Chief Executive Officer of tZERO, emphasized the importance of this approach: "As I've noted before, this industry must defragment. For tokenized and private securities to reach their full potential, they can't live inside isolated platforms. Markets need connective tissue - not walled gardens."
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. More information about North Capital's operations can be found on their website.
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. The network features single integration for subscribers, ATS sovereignty, wholesale market access limited to qualified institutional participants, flexible protocols supporting REST API and FIX connectivity, and shared infrastructure 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. This development comes as the private securities market represents approximately $3 trillion in value, according to North Capital's description of the exempt securities market. The initiative represents a significant step toward creating more efficient, interconnected private markets that could benefit from blockchain technology's ability to provide shared, interoperable rails for asset issuance, trading, and settlement.
