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The Ex Date or Ex Dividend Date, is the first day when purchasers of a security will no longer be entitled to receive a previously declared dividend. Stated another way, the ex dividend date is the first day when buyers of the security will no longer be entitled to receive a dividend that the company had prevoisly declared for payment.
When a corporation declares a dividend for payment to shareholders it must set a date for which owners are entitled to receive the dividend. This date is known as the record date. Based on the record date, FINRA will set the ex dividend date as one bushiness days prior to the record date. FINRA sets the ex dividend date based on the procedures of the Uniform Practice Code. Since it takes two business days for a stock transaction to settle, the ex date will always be 1 business day prior to the record date. Most test takes will be required to have mastered all of the operations relating to ex dates, settlement dates and payment dates to successfully pass their exams.