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. The network will operate as a technical registry and routing layer rather than an exchange or ATS itself.
"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 connectivity. "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 development, stating, "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."
Mike Weaver, Managing Director at North Capital, added, "Expanding liquidity through open systems, open standards, and automation will provide a catalyst to unlock the private securities market."
The Agora network will feature single integration for subscribers to connect once to access securities across all participating ATSs, while maintaining ATS sovereignty over matching, settlement, and compliance. Access will be 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. More information about North Capital's operations can be found on their website, while information about tZERO's services is available on their website. Both companies maintain broker-dealer subsidiaries registered with the SEC and members of FINRA and SIPC.
