Anyone here a stockbroker here or licensced...mine is trying to screw me over!

[quest]

I am a equity trader

The rule for U.S. securities is that you have to hold on to the shares until pay date. Record date
only applies to individuals who are purchasing the shares not selling.( if the client bought them before record date and sold them before pay date trying to get the div they would be out of luck.. Cdn securities the rules u have stated apply. you have to have the stock in question settle before record date in order to receive the divi payment.

If you have any more quesitions on this let me know

 

[kunta]

Hey guest this is according to the SEC website:

"The ex-dividend date is set the first business day after the stock dividend is paid (and is also after the record date). If you sell your stock before the ex-dividend date, you are also selling away your right to the stock dividend."

which it mentions for stock dividends and not a cash dividend

 

[BuggyWhips]

Believe BGdaddy smooth. The people they have on the desks are all kids right out of college. Sometimes they make mistakes and stuff. I'm one to talk since im still in college myself but I work for a large broker and I see the things that go on everyday..One of my brokers constantly yells at them...

 

[quest]

I Hear what you are saying people screw up all the time. When a client is intitled to a cash dividend the stock price goes down the corresponding amount of the vaule of the div.
I.E. if the stock was at 10.00 and the dividend was going to pay out $1 dollar per share.
upon pay date in the US and ex-record date in canada the price of the stock would drop down to 9 dollars a shs.

My question to you is did the stock price drop down the amount of money that the divided was
paying out. or did you by it at $10 and sell it at $9.95. If the stock didn't then it would have upon pay date.I don't blame you i try to figure out ways to get great returns myself. problem is the companies, the IRS and gov also continually look for the same things we do to control it.

I had a stock pay out 60% diviened the stock was at 4 dollars. When ex-record date (cdn stock) arrived the share price for the stock was now trading at 2.60.

 

[BuggyWhips]

Was this a dividend on a stock u own or was it just money accidentially credited to your account???