Hello fellow Traders, I am sure someone could easily answer the following question before I start to wade throu endless threads & pages: When, exactly down to the minute, do I have to be long / short a stock to be affected by a dividend payment ? Say in the following example, Spiders paid a quarterly dividend in March: cash dividends paid by SPY Effective Date: 19 Mar 04 Record Date: 23 Mar 04 Pay Date: 30 Apr 04 I assume, that if you are long SPY by Friday, March,19, you are affected by the dividend payment. You will receive the payment even if you sell the following monday. But which time ? Market opening or closing ? I would guess closing time is effective for settlement procedures. Can someone please enlighten me ?