Curated News
By: NewsRamp Editorial Staff
January 15, 2026
tZERO & North Capital Launch Agora: First Network to Connect Private Securities ATSs
TLDR
- Agora gives investors a competitive edge by expanding access to tokenized securities across multiple trading platforms, increasing potential liquidity and market reach.
- Agora operates as a technical registry and routing layer that connects Alternative Trading Systems while allowing each to maintain control of matching, settlement, and compliance.
- This initiative creates more open, interconnected markets that can unlock liquidity in private securities, potentially making capital markets more accessible and efficient.
- Agora represents the first network connecting Alternative Trading Systems for tokenized securities, using blockchain technology to break down silos between trading platforms.
Impact - Why it Matters
This development matters because it directly addresses a major inefficiency in the multi-trillion dollar private securities market. Historically, these markets have been highly fragmented, with assets trapped on isolated trading platforms, limiting investor access and constraining liquidity. By creating interoperable infrastructure, Agora has the potential to significantly increase market efficiency, reduce trading frictions, and unlock capital that was previously inaccessible or illiquid. For institutional investors and advisors, this means broader access to investment opportunities and potentially better pricing. For the broader financial ecosystem, it represents a critical step toward modernizing private market infrastructure, leveraging blockchain and tokenization not just as novel features but as foundational technologies for a more open and connected capital market. The success of such networked models could accelerate the maturation of private markets, making them more competitive with public exchanges and ultimately benefiting companies seeking capital and investors seeking diversified portfolios.
Summary
In a groundbreaking collaboration announced on January 15, 2026, tZERO Group, Inc. and North Capital Investment Technology, Inc. have launched Agora, the first technology network designed to connect Alternative Trading Systems (ATSs) for tokenized and private securities. This industry initiative aims to break down the silos that have long fragmented private markets by creating shared infrastructure for securities discovery and order routing across platforms. The core innovation allows securities listed on one ATS, such as North Capital's PPEX ATS, to become accessible to qualified subscribers of another, like the tZERO ATS, thereby expanding market reach and potential liquidity without requiring complex, bespoke integrations between each isolated platform.
The key players driving this initiative are Jim Dowd, CEO of North Capital, and Alan Konevsky, CEO of tZERO, both of whom emphasize the critical need to "defragment" the industry. They argue that for tokenized and private securities to reach their full potential, they must move beyond "walled gardens" and isolated platforms. Agora operates not as an exchange or ATS itself, but as a technical registry and routing layer. Participating ATSs retain full sovereignty over their matching engines, settlement processes, and compliance procedures, while broker-dealers, registered investment advisors (RIAs), and qualified institutional buyers (QIBs) can register as subscribers to discover and trade securities across the network with a single integration.
The initial phase will focus on internal connectivity between the tZERO and North Capital PPEX ATSs, with subsequent phases planned to open the network to additional third-party ATSs and liquidity providers. Key features include support for REST API and FIX connectivity, a wholesale market model limited to qualified institutional participants, and a fee structure designed to support allocated operating costs. The Agora API framework is expected to be available in the first half of 2026. This initiative is positioned as a foundational step toward building scalable, efficient private markets where blockchain technology serves as the base layer, enabling assets to be issued, traded, and settled on shared, interoperable rails to unlock real liquidity.
Source Statement
This curated news summary relied on content disributed by NewMediaWire. Read the original source here, tZERO & North Capital Launch Agora: First Network to Connect Private Securities ATSs
