Corporate Actions

Corporate actions for single-name equity markets are handled as follows.

Event	Handling
Ordinary cash dividends	No direct adjustment. The expected ex-dividend price drop is reflected in the oracle and priced through the funding rate.
Stock splits, reverse splits, and spin-offs	The market is settled at the mark price before the effective date and relaunched as a new market after the event. Such actions are announced in advance.
Mergers, acquisitions, and delistings	The market is settled at the mark price before the effective date and either relaunched with adjusted terms or remains delisted. Such actions are announced in advance.
Special dividends and other distributions	Handled on a case-by-case basis. The market may either be settled and relaunched with adjusted terms, or the expected ex-dividend price drop may be reflected in the oracle and priced through the funding rate. Treatment will be communicated in advance where possible.