Ex-Dividend and Ex-Rights Dates

What this video covers

• Why the ex-dividend date and record date are now the same day under T+1 settlement, and how this differs from the old T+2 rule
• Who receives a cash dividend, stock rights, or warrant based on trade execution relative to the ex-date
• When a due bill is required: trade executed before the ex-date but settling after the record date due to delays
• The "reduce below" rule for open orders on the ex-dividend date: buy limit and sell stop orders reduced, buy stop and sell limit orders untouched
• The limited protection of Do Not Reduce (DNR) orders: cash dividends only, not stock dividends or splits
• How standard stock splits proportionally adjust both price and share quantity for open orders
• Why reverse splits cancel all open orders entirely instead of adjusting them