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In finance, a dividend future is an exchange-traded derivative contract that allows investors to take positions on future dividend payments. Dividend futures can be on a single company,〔(【引用サイトリンク】url=http://www.eurexchange.com/blob/exchange-en/4644/115702/2/data/factsheet_single_stock_dividend_future_en.pdf.pdf )〕 a basket of companies, or on an Equity index.〔(【引用サイトリンク】url=http://www.eurexchange.com/blob/exchange-en/4644/115762/2/data/flyer_index_divdend_futures_riding_out_highs_and_lows_en.pdf.pdf )〕 They settle on the amount of dividend paid by the company, the basket of companies, or the index during the period of the contract. For example, if company A pays a quarterly dividend of $0.25 in 2012. If an investor buys a 2012 dividend future, the settlement price of the future will be equal to 4 x $0.25 = $1 per contract. The profit or loss the investor makes depends on the difference between the price they bought or sold the future and the settlement price. For instance, if the investor bought the 2012 dividend future at $0,90, he would make a profit of $0.10 per contract. Most dividend futures trades occur before the dividend is known, hence allowing investors to go "long" or "short" the future dividend payment. The "buyer" of the contract, is said to be "long", and the "seller" of the contract, is said to be "short". The terminology reflects the expectations of the parties: the buyer thinks the dividend is going to increase, while the seller thinks it will decrease. The contract itself costs nothing to enter; the buy/sell terminology is a linguistic convenience reflecting the position each party is taking (long or short). Dividend futures are usually traded in increments/lots/batches of 100 or 1000 and have a 1-year time span.〔(【引用サイトリンク】url=http://www.meff.es/aspx/Comun/Pagina.aspx?l1=Financiero&f=FuturosdividendosAcciones&id=ing )〕 When purchased, no transmission of share rights or dividends occurs. Being futures contracts, they are traded on margin, thus offering leverage, and are not subject to the taxes equity holders must pay when they receive dividend distribution on their stocks. They are traded in various financial markets, mainly in Europe,〔〔〔〔(【引用サイトリンク】url=https://globalderivatives.nyx.com/stock-indices/nyse-liffe/dividend-index-futures )〕 and Asia,〔(【引用サイトリンク】url=http://www.tradeturquoise.com/derivatives_dividend_futures.shtml )〕〔(【引用サイトリンク】url=http://www.hkex.com.hk/eng/prod/drprod/div/Documents/divinfosheet.pdf )〕 and several Blue chip companies and Equity Indices are available with maturities going as long as 5 years for Equities and 10 years for Equity indices. == History == In 1999 Professor Michael J. Brennan of the University of California at Los Angeles proposed the creation of dividend strips for the S&P 500. He argued that these would "enhance the ability of markets to aggregate and transmit information" and that "since the level of the market index must be consistent with the prices of the future dividend flows, the relation between these will serve to reveal the implicit assumptions that the market is making in arriving at its valuation. These assumptions will then be the focus of analysis and debate."〔URL=http://www.jstor.org/stable/4480049〕 Before dividend futures existed, an investor who wanted a similar exposure did so by trading a dividend swap. Dividend swaps are the over-the-counter version of dividend futures. They allow two parties to agree to swap in the future a pre-defined amount of cash against the amount of dividends paid by the underlying stock, basket or equity index. Created in the early 2000s, dividend Swaps became very popular because they allowed equity holders to "sell" their future dividends in advance and hence hedge their future dividend stream. The biggest players were investment banks looking to cover their future dividend exposure from derivatives positions they had on their books. The first dividend future was listed in June 2008 by the derivatives exchange Eurex, a derivatives exchange, on the Euro Stoxx 50 dividends, and since then many new dividend futures were created on various exchanges. The exchange listing made these products available to wider range of investors who could not trade over-the-counter (OTC). There are currently dividend futures listed on Eurex,〔〔 NYSE Euronext Liffe,〔 MEFF,〔 Borsa Italiana IDEM,〔(【引用サイトリンク】url=http://www.borsaitaliana.it/derivati/archiviopdf/ftsemibdivfutures/ftsemibdivfutures.pdf )〕 London Stock Exchange,〔(【引用サイトリンク】url=http://www.londonstockexchange.com/about-the-exchange/media-relations/press-releases/2011/russianiobstockdividendfutureslaunchedonedxlondon.htm )〕 Tokyo Stock Exchange,〔(【引用サイトリンク】url=http://www.tse.or.jp/english/rules/derivatives/dividend/index.html )〕 Hong Kong Exchanges and Clearing Limited〔 and the Singapore Exchange.〔(【引用サイトリンク】url=http://www.hedgeweek.com/2010/06/02/49036/singapore-exchange-trade-nikkei-dividend-index-futures )〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Dividend future」の詳細全文を読む スポンサード リンク
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