QQQQ Here are a couple of links that explain what happens at the exchange on ex-div day & what we witness in trading practice as the market goes live. In particular the first link is the ultimate answer to your question (please read rule 118). The second is a link to an article that I think will go some to clearing up for you what I have come to believe is the point you have been trying to make in this debate previously (on another board). I hope both are of help. http://rules.nyse.com/NYSETools/Exc...=rule+118&manual=/nyse/nyse_rules/nyse-rules/ http://findarticles.com/p/articles/mi_m4130/is_n4_v21/ai_13928770 Cheers AAH