Morgan Stanley pushes tokenized stock trading on ATS to Q1 2027

The slip matters less as a delay than as a signal about sequencing: a major bank tying its tokenized-equity launch to broader ecosystem readiness suggests the constraint is infrastructure and counterparty alignment, not internal ambition. That framing puts the timeline in the hands of venues, custodians and tokenization platforms Morgan Stanley depends on, not its own build. Whether other institutions follow the same cadence — or race ahead — is the open question for tokenized equities on regulated US rails.