Upcoming Ex-Dividend Dates

T+1 Settlement (U.S. Markets)

In T+1 markets such as the U.S.

• The ex-dividend date is the same as the record date
• Exceptions apply only in special cases
  

T+2 Settlement (U.K. and other markets)

In T+2 markets:

• The ex-dividend date is one business day before the record date
• If the record date falls on a weekend or holiday, the ex-date moves to the previous business day
  

When Do Rules Change?

Standard rules change in certain cases.

Large dividends (25% or more of share price)

The ex-dividend date is set one business day after the payment date

Stock dividends (extra shares)

The ex-dividend date is also set one business day after the payment date

Why Does the Ex Dividend Date Matter?

It is the cutoff for receiving dividends.

• Buy before the ex-date → You receive the dividend
• Buy on or after the ex-date → You do not receive it
• Sell before the ex-date → You lose the dividend
• Sell on or after the ex-date → You still keep the dividend
  

Typical Dividend Timeline

Step	T+1 (U.S.)	T+2 (U.K.)
Declaration Date	Day 0	Day 0
Ex-Dividend Date	Same as Record Date	1 day before Record
Record Date	Day 1	Day 2
Payment Date	Few weeks later	Few weeks later

Stock Price on the Ex-Dividend Date

Stock prices usually drop by about the dividend amount.

Formula:

• Price Drop ≈ Dividend Amount
• Percentage Drop = (Dividend ÷ Share Price) × 100
  

Example:
If the dividend is $1 and the share price is $20, the stock typically falls by about 5% on the ex-date.

Key Takeaways for Tool Users

• Check whether the market uses T+1 or T+2 settlement
  
• Buy before the ex-date to qualify for dividends
  
• Expect a price drop close to the dividend value on the ex-date
  
• Track ex-dividend dates with calculators or financial calendars