The dividend calendar: which dates matter and why

A dividend's path consists of several events, and the decision is made somewhere other than expected.

The board recommendation

The first public event. The market usually reacts to it: the amount becomes known.

Legally it is not yet an obligation — How dividends work on the Russian market.

Approval by the meeting

The meeting may approve less than recommended or approve nothing. It usually approves, but is not obliged to.

The last day to buy

The most important date for action. Buy later and you will not be on the list of holders because of the settlement cycle.

{{figure:settlement-timeline|caption=Between the trade and the entry in the register runs the settlement cycle — and it is what shifts the last day to buy}}

The record date

The date the list is fixed. On the next trading day the gap opens — The dividend gap: why the price falls and when it closes.

Payment

The money arrives some time after the record date — the period is regulated but not instant. Between the record date and the credit the funds are unavailable.

Where to look

Upcoming record dates across the market: