Markets & trading
The ex-dividend date is the first date a purchase normally no longer carries the right to a declared dividend under the market's settlement rules. Eligibility depends on the official timetable.
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A ticket includes a voucher until a stated cut-off. After the voucher detaches, a new buyer receives the ticket without that particular benefit.
Now put that into markets
Shares begin trading ex-dividend when the distribution right belongs to the prior eligible holder. Price may adjust by roughly the dividend, alongside other market movement.
Record and payment dates follow distinct functions, and special cases can use different rules. Settlement-cycle changes affect the timetable.
Use official issuer and exchange dates. Compare total return rather than reading the mechanical price adjustment as an economic loss by itself.
Buying just before the date does not create free value: the company pays cash out and tax or dealing costs may apply. Actual price change need not equal the dividend exactly.
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