Best Secondary Market Liquidity Solutions in USA
Non-sponsored, Expert Verified and Transparently Ranked Secondary Market Liquidity Solutions in USA
Published: December 30, 2025 | Verified by: Ted Scheiman & Rob Watts
Executive Summary
We analyzed 5 solutions. Top Recommendation: SecondMarket Trading Platform by Nasdaq Private Market scored highest due to Best for late-stage U.S. private companies planning recurring or pre-listing liquidity programs. SecondMarket combines company-controlled tender workflows, cap-table integrations, and deep execution experience (> $55B facilitated) to deliver efficient, transparent events and robust price discovery [1](https://www.nasdaqprivatemarket.com/press-release-secondmarket-launch/), [2](https://www.nasdaqprivatemarket.com/product/pre-direct-listing-solutions/)..
Content Verification
Side-by-Side Comparison
| Feature | #1 SecondMarket Trading Platform (Nasdaq Private Market) | #2 Nasdaq Private Market (Nasdaq) | #3 Forge Marketplace (Forge Global) | #4 Equity Management (Carta) | #5 ZXData (Zanbato) |
|---|---|---|---|---|---|
| Best For | Best for late-stage U.S. private companies planning recurring or pre-listing liquidity programs. SecondMarket combines company-controlled tender workflows, cap-table integrations, and deep execution experience (> $55B facilitated) to deliver efficient, transparent events and robust price discovery [1], [2]. | Best for private fund GPs and LPs seeking structured, repeatable liquidity across portfolios. NFS offers guided workflows, data rooms, and broker‑dealer settlement, and can operate as a QMS to increase annual transfer allowances from 2% to as much as 10% [1], [2], [3]. | Best for institutions and sophisticated shareholders needing continuous secondary market access with real-time pricing. The platform offers a live order book, proprietary pricing (Forge Price) and ATS execution; Schwab’s announced acquisition underscores credibility and reach [1], [2], [3]. | Best for venture‑backed companies prioritizing controlled, compliant shareholder liquidity without running an open marketplace. Carta’s issuer tools, money movement, and templates simplify end‑to‑end tender events, while it exited open secondary trading to focus on issuer‑led programs [1], [2], [3]. | Best for banks and broker‑dealers executing institutional block trades in pre‑IPO shares. ZX is an inter‑broker ATS backed by strategic bank investment and trusted by 100+ to 220+ trading groups; ZXData supplies institutional secondary data for pricing [1], [2], [3]. |
| Integration Depth | API-based Cap Table Connect integrates with cap table systems (Pulley, Mantle) using OCF and supports programmatic post-trade settlement. (nasdaqprivatemarket.com) Collaboration with Astrella automates cap-table updates. (nasdaq.com) Tape D market data is accessible via API (Nasdaq Data Link). (ir.nasdaq.com) Embedded integrations include april (tax calculator) and Wealthfront (proceeds routing). (globenewswire.com) | Provides Tape D via API through Nasdaq Data Link; embeds Tape D in SecondMarket. Cap Table Connect APIs integrate with cap table systems (Pulley, Mantle) and support Open Cap Table Format. Programmatic transfer/settlement handled via NFSTX broker-dealer. (ir.nasdaq.com) | API-first, modular marketplace designed for integrations, including partner and custody workflows. (forgeglobal.com) Offers institutional-grade Data API and file-based delivery to embed Forge Price, IOIs and same-day trade data; Forge Price is also distributed via ICE; payments are integrated via Dwolla. (forgeglobal.com) | Deep: 100+ HRIS integrations with auto‑sync of employee and termination data; two‑way HRIS sync with Rippling; Draft Option API lets HR platforms draft/sync option grants (Remote live); robust APIs (Issuer/Investor/Portfolio/Launch) to embed or retrieve cap‑table/equity data; SSO for admins (SAML 2.0/OIDC). (carta.com) | N/A |
| Market Data Accuracy | Claims “accurate, real-time” private company pricing via Tape D, integrating primary rounds, secondary trades, mutual fund marks, and 409A valuations; algorithmic price estimates are supported by extensive regulatory source documents and 30+ years of data (via VC Experts), enhancing accuracy. (ir.nasdaq.com) | Real-time private pricing integrates primary rounds, secondary trades, mutual fund marks, and 409A valuations; cap tables built from 1.7M+ extracted deal terms and ~200k regulatory filing pages; supported by 30+ years of VC Experts data; delivered via Nasdaq Data Link for client use. Designed for transparency and accurate valuations. (ir.nasdaq.com) (globenewswire.com) | Proprietary Forge Price provides a daily, company‑specific indicative price using a multi‑source model (secondary trades, funding rounds, IOIs) with recency/source‑hierarchy weighting; displayed prices are indicative and may not reflect actual execution. (forgeglobal.com) | Market Data Accuracy: Carta says its data is entered directly by companies/investors and aggregated/anonymized; cap tables update with every transaction for current, accurate records; Total Compensation benchmarks are marketed as “most accurate” from a leading private‑market dataset. (carta.com) | ZXData aggregates institutional, non‑tender secondary market inputs from ZX ATS and applies a 1, 10 “Robustness Score” based on executed trades, order counts, and order‑book skew. (zanbato.com) Accuracy vs. institutional fund marks: 21, 25% of companies within 10% and ~41, 44% within 20% across recent reports (Nov 2024, May 2024/2025). (zanbato.com) |
| Execution Capabilities | ATS with order book, OMS and crossing network; configurable broker/investor workstations; centralized negotiation tracker; anonymous or broker‑sponsored trading access; embedded market data; end‑to‑end workflow from onboarding through transfer and settlement; supports company tenders/auctions with order‑book management, payment facilitation, and funds wiring. (nasdaqprivatemarket.com) | Executes private-company secondaries via: tender offers with guided onboarding, document collection/e-signatures, and payment/settlement workflows; auctions with auto-matching and NPM- or company-sourced buyers; ATS trading (order book/OMS/crossing network), negotiation tracker, and integrated settlement; and post-trade transfer/settlement tooling that streamlines share transfers. (nasdaqprivatemarket.com) | Live, actionable order book (30‑day auto‑expirations); submit bids/asks, negotiate directly, and execute trades end‑to‑end with document management and status tracking, self‑directed 24/7. (forgeglobal.com) Company‑specific transfer restrictions and approval workflows are encoded to streamline closings. (forgeglobal.com) Trades execute via Forge Securities LLC’s FINRA‑member alternative trading system (ATS). (businesswire.com) | Executes company‑sponsored tender offers end‑to‑end from the cap table: customizable templates, eligibility/seller modeling, issuer dashboards with real‑time participation and settlement reporting, in‑platform money movement and tax‑withholding estimates, e‑signing, and automated cap‑table updates; transactions executed via Carta Capital Markets, LLC (FINRA/SIPC) for pre‑negotiated transfers and secondaries. (carta.com) | None. ZXData is a data platform providing institutional, non‑tender secondary trading data; order entry and trade execution occur on the separate ZX ATS inter‑broker platform, not within ZXData. (zanbato.com) |
SecondMarket Trading Platform
Nasdaq Private MarketCompany Information
API Resources
Description
Nasdaq Private Market offers liquidity solutions transforming hard-earned equity into wealth for employees, investors, and private companies. They specialize in secondary trading platforms and provide trading technology, data analytics, and company liquidity programs to help navigate the private market effectively.
What They Do
Provide a platform for trading private company shares and manage liquidity for employees and investors.
Who They Serve
Employees, Shareholders, Private Companies, Investors, Banks, Brokers, and Law Firms.
Key Value Propositions
What Customers Say
"NPM has been a key partner in Hopper's program to create multiple opportunities for partial employee liquidity."
— Brian Carroll, VP Corporate Development and General Counsel, Hopper
"Thanks to Nasdaq Private Market we were able to offer eligible Docker employees valuable liquidity for their equity grants."
— Scott Baumgartner, Chief Financial Officer, Docker
"NPM serves as an incredible partner for us. They deliver a professional and seamless experience for our team."
— Matthew Rinegar, Senior Corporate Counsel, Icertis
Target Customers
Industries Served
Trusted By
Contact Information
Key Pages
Navigation Links
Summary
NPM SecondMarket is an electronic secondary liquidity platform for private companies, employees, and investors. It streamlines company-run tender offers and auctions via a Company Workstation and supports sellers through an Employee Workstation, operating through NPM Securities, a registered broker-dealer and ATS.
Key Features
- Alternative Trading System: Order book, OMS, and crossing network for vetted members
- Customizable Trading Platform: End-to-end execution tools and configurable workstations
- Negotiation Tracker: Centralized dashboard for managing offers and negotiations
- Settlement: Unified workstation for efficient share transfers and structured trade data
- Onboarding: Personalized support to access platform features and secure marketplace
- Market Data: Embedded proprietary financial products, data room, and private company ticker functionality
- Contract Management: Smooth transfer of shareholder documentation for transparency and record-keeping
Key Benefits
- Access to a global network of unicorn and high-value private company shareholders, institutional investors, brokers, and banks
- Frictionless, easy-to-use technology built to the requirements of traders and investors
- Compliant infrastructure for secondary trading
- Guided onboarding, execution, and settlement process
- Comprehensive analytics and financial data for informed decision-making
- Personalized support from product specialists
Who Is It For
- Employees and shareholders of private companies seeking liquidity
- Investors (including institutional investors) looking to buy or sell private company shares
- Private companies launching liquidity programs
- Banks and brokers scaling private market franchises
- Law firms supporting client secondary activities
SecondMarket®
An institutional-grade trading platform to buy and sell blocks of private company stock.
- Buy + Sell Private Company Shares
- Powered By Nasdaq Private Market
Software to Scale the Private Market
Turnkey solutions for institutions, investors, employees, and shareholders to onboard, trade, and settle shares in private companies.
- Banks + Brokers: Scale private market franchises and settle shares for clients
- Investors: Buy and sell shares in industry-disrupting private companies
- Employees + Shareholders: Sell private company shares via individual trades
Transact with Confidence via One Global Platform
Guided onboarding, execution, and settlement process for private market experts and newcomers. Product specialists help navigate the secondary market and execute block trades.
- Intuitive technology and experienced team
- Seamless onboarding, execution, and settlement
Our Trading Capabilities
Comprehensive trading features for private company shares.
- Alternative Trading System: Order book, OMS, and crossing network
- Customizable Trading Platform: Broker and investor workstations
- Negotiation Tracker: Centralized dashboard for offers
- Settlement: Unified workstation for share transfers
- Onboarding: Personalized support
- Market Data: Proprietary financial products and ticker functionality
A Platform Built With And For The Industry
Comprehensive private market trading platform and suite of tools designed for efficiency and automation.
- Buy + Sell Private Company Shares
- Compliant infrastructure for secondary trading
- Analytics and financial data for decision-makers
- Contract management for shareholder documentation
A Decade of Private Market Experience
Nasdaq Private Market brings expertise, a premier global network, and easy-to-use technology to the private markets.
- Expertise: Private market pioneers and practitioners
- Premier Global Network: Connect to unicorn and high-value private company shareholders, institutional investors, brokers, and banks worldwide
- Easy-to-Use Technology: Platform built to requirements of traders and investors
Resources
Supporting Resources
Detailed Comparison
Integration Depth
Market Data Accuracy
Execution Capabilities
NasdaqCompany Information
Description
Nasdaq is a global technology company serving as a marketplace for trading stocks and other financial instruments. It provides services for investors, listed companies, and brokers while contributing to transparency and stability in the markets.
What They Do
They offer market data, financial products, and technology solutions for financial services.
Who They Serve
Investors, listed companies, traders, and financial institutions.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Key Pages
Navigation Links
Summary
NFS is an end‑to‑end technology platform for secondary transactions in private funds and other pooled vehicles. It supports LP‑led sales and GP‑led tenders/restructurings with guided workflows, data rooms, and settlement through NFSTX, a registered broker‑dealer.
Key Features
- SecondMarket® Trading Platform for buying and selling private company shares
- Company Platform + Liquidity Programs (tender offers, auctions, capital introduction, option extensions, RSUs, M&A, pre-direct listing programs)
- Tape D® Data + Analytics for trading insights, valuations, and market intelligence
- Transfer + Settlement Technology with workflow dashboards and cap table tools
- Enterprise software for banks, brokers, and global investors
- Wealth Connect resources for wealth management and tax planning
- Customizable solutions for law firms to support client secondary activities
Key Benefits
- Transforms hard-earned equity into wealth for employees and shareholders
- Provides access to a global network of institutional investors and brokers
- Enables private companies to launch and manage liquidity programs
- Delivers actionable trading insights, valuation data, and market intelligence
- Streamlines transfer and settlement processes with end-to-end workflow tools
- Supports compliance and regulatory requirements (e.g., FINRA/SIPC membership, SOC 2 certification)
- Offers a tech-forward, data-driven, and secure trading environment
Who Is It For
- Private companies (at all growth stages)
- Employees and shareholders of private companies
- Accredited institutional investors
- Banks and brokers
- Law firms and legal counsels
Resources
Supporting Resources
Detailed Comparison
Integration Depth
Market Data Accuracy
Execution Capabilities
Forge GlobalCompany Information
Description
Forge Global is a leading private marketplace for buying and selling shares in pre-IPO companies, providing insights, pricing updates, and investment opportunities for individual and institutional investors.
What They Do
Forge Global provides a marketplace for private company shares, pricing insights, investment resources, and tools for both individual and institutional investors.
Who They Serve
Individual investors, institutional investors, employee shareholders, private companies, accredited investors, seed and angel investors, asset managers, hedge funds, family offices, venture capital firms, and wealth managers.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Navigation Links
Summary
Forge’s API‑first marketplace provides a live order book, contextual pricing insights like Forge Price, and end‑to‑end negotiation and execution for private company shares. Trades are executed on Forge Securities LLC’s ATS (FINRA member).
Key Features
- Explore available investments and market interest signals in real time
- Access proprietary data to understand pricing trends and liquidity dynamics
- Submit intent, negotiate directly, and track progress within the platform
- Live, actionable order book and historical pricing trends from Forge Price
- Direct negotiation with counterparties
- Document management and progress tracking
- Market signals during trade flow to align bids and asks with actual activity
Key Benefits
- Exposure to late-stage, venture-backed growth companies
- Real-time insights and live market signals
- Greater control across every stage of a private market trade
- Pricing transparency and actionable order book
- Contextual pricing insights for better decision making
- Simplified, intuitive self-directed trade experience
Who Is It For
- Individual Investors
- Accredited Investors
- Seed & Angel Investors
- Employee Shareholders
- Institutional Investors
- Asset Managers & Hedge Funds
- Family Offices
- Venture Capital Firms
- Wealth Managers & RIAs
- Private Companies
Trade smarter
Through our marketplace, Forge gives investors and shareholders real-time insights, live market signals and greater control across every stage of a private market trade. It's the smart way to discover, evaluate and execute private market trades.
Discover opportunities
Explore available investments and market interest signals in real time.
Evaluate with context
Use Forge’s proprietary data to understand pricing trends and liquidity dynamics before you submit a bid or ask.
Execute with confidence
Submit intent, negotiate directly and track progress—all within the platform.
A trusted partner in the private market
Publicly listed. Proven. Regulated.
- Transaction Volume: $16.2B+
- Registered Users: 636,000+
- Trades Completed: 24,000+
- Companies Available: 4,700+
Built for what’s next
Real-time pricing transparency to build your confidence in the market. Access our live, actionable order book and historical pricing trends from Forge Price to understand how private companies are performing—so you can act with clarity and confidence. A simplified, intuitive self-directed trade experience. Submit bids and asks, negotiate directly with counterparties, manage documents and track progress—all in one seamless, easy-to-use platform designed to reduce friction. Contextual pricing insights for better decision making. Receive real-world market signals during your trade flow to help ensure your bids and asks align with actual market activity and investor interest.
Explore companies on our pre-IPO marketplace
Browse a selection of late-stage private companies available for trading on Forge Marketplace.
- OpenAI
- xAI
- Databricks
- Lambda
- Stripe
- Figure AI
- Neuralink
- Ripple
- Revolut
- Stability AI
- Kalshi
- DJI
- Waymo
New to the private market? Get started with introductory guides
Guides for buying and selling private shares on Forge, including step-by-step processes and key considerations.
- How to buy private shares on Forge: A complete guide
- How to sell private shares on Forge: A complete guide
Resources
Supporting Resources
Detailed Comparison
Integration Depth
Market Data Accuracy
Execution Capabilities
CartaCompany Information
API Resources
Description
Carta’s platform of software and services lays the groundwork so you can invest, build, and scale with confidence.
What They Do
Provide a platform for equity and fund management.
Who They Serve
Startups, private equity firms, venture capitalists, and general partners.
Key Value Propositions
Case Studies
Legalist — Legalist
Carta makes it easier to build and scale by centralizing information.
Read Case Study →Calendly — Calendly
Extremely responsive and took into account our unique business plans.
Read Case Study →Sinai Ventures — Sinai Ventures
The time spent on fund admin is now dedicated to portfolio companies.
Read Case Study →What Customers Say
"Carta makes it a lot easier to build and scale."
— Brian Montgomery, Chief Financial Officer
"The equity process was new to me, so the hands-on support from Carta gave me the confidence to set it up with ease."
— Amber Allen, Founder and CEO
Customer Reviews
John Doe
CEO
Carta has streamlined our equity management significantly.
Jane Smith
CFO
Great platform, but could use more features.
Target Customers
Industries Served
Trusted By
Contact Information
Summary
Carta Liquidity helps companies run structured, company‑sponsored tender offers from their Carta cap table. It includes customizable templates, issuer dashboards, in‑platform money movement, and specialist support, with billions in liquidity facilitated to date.
Key Features
- Cap Table Management
- 409A Valuations
- SAFE Financings
- Financial Reporting
- Equity Advisory
- Total Compensation Benchmarking
- Liquidity Management (tender offers, secondary transactions)
- QSBS Attestation
- Scenario Modeling
- Waterfall Modeling
- Deal Closings
- Distributions
- IPO Advisory
Key Benefits
- Issue, track, and process payments for company equity from one secure platform
- Flexible suite of solutions that scale from fundraising to hiring and IPO
- Built-in compliance tools and year-round support
- Full-service onboarding and one-on-one admin training
- Highly-rated support from equity, financial, and accounting experts
- First-class security and data privacy
- Access to reliable salary and equity benchmarks
- Ability to run liquidity events and tender offers with full cap table control
- Optimize equity tax benefits (QSBS exemption)
- Audit-ready 409A valuations
Who Is It For
- Founders
- Early-stage startups
- Private corporations
- LLCs
- Private equity firms
- Venture capital-backed companies
- Companies preparing for IPO
- Companies with under 25 employees and up to $1 million raised (Carta Launch)
End-to-end equity management
From incorporation to IPO, leverage a powerful suite of equity management tools to build and scale your company.
Designed for founders. Built to scale.
- Issue, track, and process payments for your securities from one platform.
- Access solutions designed to scale from fundraising to hiring and IPO.
- Leverage built-in tools and support to help with compliance year-round.
Your cap table is just the beginning
Discover the 360-degree solution built for founders, by founders.
One platform, unlimited potential
Access a full suite of tools for every stage—from building your first cap table to preparing for IPO.
- Cap Table Management: Easily view, track, and issue equity on a secure platform that scales with you.
- Total Compensation: Use startup-specific benchmarks to help you forecast, hire, and retain talent.
- Equity Advisory: Leverage tax strategies from experts to help employees understand their equity.
- Liquidity: Run tender offers while maintaining full control of your cap table.
- QSBS Attestation: Optimize your equity tax benefit with the QSBS tax exemption.
- 409A Valuations: Get an audit-ready valuation from the industry's leading provider.
More than a platform. A partnership.
Work with an experienced team, dedicated to your success at every step.
- Full-service onboarding: Partner with an onboarding manager to ensure data accuracy and receive one-on-one admin platform training.
- Highly-rated support: Access a team with decades of equity, financial, and accounting experience by chat, email, phone, or video.
- First-class security: Keep your information private with strict procedures, systems, and tech in place to protect your data.
Trusted by over 1.6 million equity holders
- Used by companies such as Betterment, Brex, Demostack, Ispot TV, Perkville, Radar
FAQs
You have questions, we have resources and answers.
- Support for LLCs and Private Equity firms
- Demo and video tour available
- Full-service onboarding process
- Carta Launch for early-stage startups
- Robust data security for cap table data
Resources
Supporting Resources
Detailed Comparison
Integration Depth
Market Data Accuracy
Execution Capabilities
ZanbatoCompany Information
Zanbato is a leading platform for secondary market trading, providing access to private stock and secondary market data to inform investment and valuation decisions.
Keywords
Description
Zanbato has been driving results across Private Markets since 2017, providing tools, data, and market access that private trading desks need to support clients trading in private companies.
What They Do
Zanbato provides a platform for trading private shares, offering tools, data, and market access for private trading desks.
Who They Serve
Banks, brokers, and their wealth management groups.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Navigation Links
Summary
Zanbato’s ZX is an SEC‑registered, inter‑broker ATS for institutional trading of private company shares, complemented by ZXData for institutional secondary market data. The network is used by a large base of bank and broker trading groups for price discovery and execution.
Resources
Detailed Comparison
Market Data Accuracy
Execution Capabilities
Our Ranking Methodology
How we rank these offerings
We ranked these Secondary Market Liquidity Solutions in USA using a weighted scoring formula: Integration Depth (25%), Market Data Accuracy (40%), Execution Capabilities (35%). N/A values receive 0 points. SecondMarket Trading Platform and Nasdaq Private Market tied for highest score due to deep integrations, highly accurate and transparent market data, and robust execution capabilities. Companies with N/A values had reduced maximum scores.
Ranking Criteria Weights:
Frequently Asked Questions
- What are the typical costs and pricing models for secondary market liquidity solutions?
- The costs associated with secondary market liquidity solutions generally include transaction fees, administrative charges, and technology platform fees. For example, SecondMarket operates as a registered broker-dealer and ATS, likely employing commission-based fees for transactions. Similarly, Forge Marketplace facilitates trades on its ATS, potentially incorporating varying commission costs depending on trade volume and complexity. Companies like Carta Liquidity and Nasdaq Private Market may also charge based on transaction size and the complexity of tender offers or fund transactions, reflecting the structured support and technology integration provided.
- What are the key selection criteria and considerations for choosing a secondary market liquidity provider?
- Key selection criteria include platform capabilities, compliance with regulatory standards, and support for structured transactions. For instance, companies like SecondMarket and Forge Marketplace emphasize regulatory compliance as they are registered ATSs and broker-dealers, essential criteria for institutional trust. Additionally, companies such as Carta Liquidity offer comprehensive dashboards and templates, which are crucial for efficient implementation and ease of use. Decision-makers should also consider the depth of the network, as seen with Zanbato's ZX, which facilitates robust price discovery and execution through widespread institutional participation.
- What industry standards and compliance measures should be prioritized in secondary market liquidity solutions?
- Industry standards in secondary market liquidity solutions prioritize adherence to SEC regulations and FINRA guidelines to ensure transparent and secure trading environments. For example, Forge Securities and SecondMarket operate as FINRA members, underscoring their compliance with established industry regulations. Furthermore, Nasdaq Private Market's use of registered broker-dealers and SEC-registered platforms like Zanbato's ZX signifies a strong commitment to regulatory compliance. Decision-makers should prioritize solutions that not only meet but exceed these compliance standards to mitigate risk and enhance reputation.
- What are common implementation challenges and how can they be addressed?
- Implementation challenges often include integration with existing systems, ensuring data security, and managing the stakeholder education process. Both SecondMarket and Carta Liquidity offer specialized support and customizable templates to ease integration difficulties. Additionally, robust security measures provided by registered platforms like Forge Marketplace and Nasda Private Market can safeguard sensitive data during implementation. Companies can also benefit from guidance and structured workflows, such as those offered by Nasdaq Private Market, to streamline stakeholder training and technology adoption.
- How can organizations measure ROI and ensure value delivery from secondary market liquidity solutions?
- ROI in secondary market liquidity solutions can be measured through cost savings, increased transaction efficiency, and enhanced market access. Platforms like SecondMarket and Forge Marketplace improve trading efficiency through automated processes and live order books, directly impacting cost-effectiveness. Additionally, customized dashboards and analytics offered by Carta Liquidity facilitate strategic decision-making and liquidity management, thereby enhancing value delivery. Access to a broad network for price discovery, as seen with Zanbato's ZX, further increases ROI by optimizing trade execution outcomes.
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