Digital Rails, Traditional Trust; Implications of the Next Market Structure Stack

Research evidence excerpt

Digital Rails, Traditional Trust; Implications of the Next Market Structure Stack

Global Foundation

June 23, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMExchanges Michael J. Cyprys, CFA, CPA

Equity Analyst

Digital Rails, Traditional Trust; Michael.Cyprys@morganstanley.comKade O'Reilly +1 212 761-7619

Research Associate

Kade.O'Reilly@morganstanley.com +1 212 761-2913

Implications of the Next Market Morgan Stanley & Co. International plc+

Marina Massuti

Equity AnalystStructure Stack Marina.Massuti@morganstanley.com +44 20 7677-3647

Digital rails are modernizing market infrastructure, but not Morgan Stanley Asia Limited+

Richard Xu, CFA

Equity Analystreplacing traditional trust. Tokenization and always-on markets

Richard.Xu@morganstanley.com +852 2848-6729

are reshaping collateral, funding, and settlement while

increasing competition for customer relationships, liquidity, data, Morgan Stanley Australia Limited+

Richard E Wiles

Equity Analystand workflow ownership.

Richard.Wiles@morganstanley.com +61 2 9770-1537

Key Takeaways Morgan Stanley Asia Limited+

Chiyao Huang

Tokenization is modernizing collateral, funding, and settlement first, creating Equity Analyst

both efficiency gains and competitive pressure. Chiyao.Huang@morganstanley.com +852 3963-4624

Always-on markets make tokenized cash and collateral critical to off-hours Morgan Stanley Asia (Singapore) Pte.+

Nick Lord

funding, margin, and settlement workflows. Equity Analyst

Nick.Lord@morganstanley.com +65 6834-6746

Clearing remains durable: institutions still require netting, margin efficiency,

default management, and legal finality. Morgan Stanley & Co. LLC

Jorge Echevarria

Perps, prediction markets, and crypto-native venues are raising the bar for Equity Analyst

product simplicity, 24/7 access, and user experience.