Hi In the Spy. Why there is a gap between the close of the after hours and the opening of the pre market? What produces it? Maybe there is someone who is authorized to trade outside the regular and the extended hours, but who are they. And a more specific question about the Ex dividend date. The trading literature says that on the ex dividend date the stock will open discounting the dividend. I ask you if that is in the pre market opening or in the main opening. It isn't clear. There is some regulation about this? Looking the past two Spy ex dividend dates it is not clear to me what it is done. I uploaded an image of the last ex dividend date.