tZERO Group, Inc. and North Capital Investment Technology, Inc. have announced Agora, a technology network designed to connect alternative trading systems (ATSs) for tokenized and private securities. The initiative seeks to break down silos in private securities markets by enabling cross-platform trading access for qualified investors.
Agora will allow securities listed on one participating ATS to be discoverable and tradable by subscribers of another ATS, without requiring bespoke integrations between each platform. The first phase will connect tZERO's ATS and North Capital's PPEX ATS, enabling qualified subscribers of either platform to access securities listed on the other. Subsequent phases aim to include additional third-party ATSs and liquidity providers.
According to Jim Dowd, CEO of North Capital, private securities markets have operated in silos for too long. Agora is intended to create connective infrastructure that allows ATSs to maintain independence while participating in a broader network. Alan Konevsky, CEO of tZERO, emphasized the need for defragmentation in the industry, stating that tokenized and private securities cannot reach their full potential inside isolated platforms.
Agora will operate as a technical registry and routing layer, not as an exchange or ATS. Participating ATSs retain control of their matching engines, settlement processes, and compliance procedures. Subscribers, including broker-dealers, registered investment advisors, and qualified institutional buyers, can connect once to access securities across all participating ATSs.
The network supports flexible protocols, including REST API and FIX connectivity, and is designed for wholesale market participants only. The API framework is expected to be available in the first half of 2026. More information about the participating companies can be found on their websites: North Capital and tZERO.
The announcement highlights the potential for blockchain-based infrastructure to aggregate liquidity in private markets, which have traditionally been fragmented. By enabling interoperability between ATSs, Agora aims to create a more efficient market structure for tokenized securities, which represent a growing segment of the financial industry.
