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A security which no longer carries the right to the most recently declared dividend; or the period of time between the announcement of the dividend and the payment. A security becomes ex-dividend on the ex-dividend date (set by the NASD) which is usually two business days before the record date (set by the company issuing the dividend). For transactions during the ex-dividend period, the seller will receive the dividend, not the buyer. Usually indicated in newspapers with an x next to the stock or mutual fund's name.
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