Morgan Stanley has pushed back its target for launching tokenized stock trading on its Trajectory Cross alternative trading system (ATS) to the first quarter of 2027, moving past the second half of 2026 window the bank had previously communicated. The shift moves the prospective start from the July-to-December 2026 period into the January-to-March 2027 quarter, extending the wait for when tokenized equities could begin changing hands on the venue.

The original timeline was set out in March by Amy Oldenburg, Morgan Stanley's head of digital asset strategy. She provided the updated schedule while speaking at TOKEN2049 in Singapore, one of the digital asset industry's largest annual conferences.

Trajectory Cross is Morgan Stanley's alternative trading system. In the United States, an ATS is a trading venue regulated by the Securities and Exchange Commission (SEC) under Regulation ATS, operating as an alternative to trading on traditional exchanges. Any tokenized stock trading on Trajectory Cross would therefore take place within that SEC-regulated venue framework under the revised target.

Tokenized stocks are blockchain-based representations of traditional equities. They are designed to track the value of the underlying shares and to enable issuance, transfer, and settlement on blockchain networks, an approach that a number of major financial institutions have explored as a way to bridge conventional securities markets and public blockchains. Morgan Stanley's Trajectory Cross plan sits within that broader institutional exploration, and the Q1 2027 window now marks the next checkpoint for the venue's progress.

This report was first published on COINOTAG: Morgan Stanley Delays Tokenized Stock Trading on Trajectory Cross ATS to Q1 2027