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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (4119)	1/24/1999 8:54:00 AM
From: Gersh Avery	Read Replies (1) of 4969

OK .. I think that I got some of it.. Please correct me if I'm wrong. I'm under the impression that, typically, the owner of record date and the ex-dividend date are the same. From my example, Smith sells XYZ the day before the ex-dividend date. But because of settlement issues he receives a notice in his account .. something about "with bills due." It sounds to me like he is responsible to transfer the dividend to the new owner of the stock, or that it will be returned to the brokerage. So then Smith does not get the dividend. Now Jones has bought the stock one day before ex-dividend date .. he paid pre-dividend prices. Does the brokerage just keep the dividend? Gersh

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