Even a spot price is a forward price

If Tuesday is the ex-date, and Friday is the record date, then if you buy a share on Monday, you will still be a holder as of Friday (Thursday, even), and so you will eventually get the dividend. But if you buy it on Tuesday, then you will be too late. You will not receive the dividend. That is exactly what should happen with forwards, and it is exactly what happens in the stock market. All of those blinking lights and obsessive analysis on TV and radio over every little tick — not a single one of those prices are real spot prices. They are all forward prices. [Kris: Because of T+3 or T+2 settlement all the prices of stocks are technically forwards not spot prices. If you don't believe this the evidence is in how stocks drop after the ex-date]