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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (4950)	7/29/2002 12:34:46 PM
From: S. maltophilia	of 4969

Hi Steve, It looks to me in this case that the shares in ZZZ may very well belong to the buyer. In case of spinoffs, splits, etc., the relation of trade and ex- dates is what matters; the record date is not germane to the trade. I think a better way to ask this is "Did the price of XXX take a drastic change {reflecting ex the distribution) before or after the trade date?" If the seller got a "good" price he owes the shares; if the buyer bought it "cheap" he doesn't get the shares. And if the stock's in street name, everyone's life is easier...

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