On 17 July 2017, the NYSE announced changes to its ex-dividend trading policy, following the recent SEC rule changes shortening the settlement cycle for securities trades from T+3 to T+2. Under this revised NYSE policy, which has been in effect since 5 September 2017, ex- dividend trading will commence one trading day prior to the record date established for a declared dividend. The revised policy will apply to the selection of record dates and the preparation of related announcements by NYSE-listed companies paying dividends in September and thereafter.

As of 7 September, dividends have traded ex-dividend on D-1 instead of D-2. For example, securities with a dividend record date of 7 September 2017 began ex-dividend trading on 6 September 2017.

The NYSE announcement is available at:

https://www.nyse.com/trader-update/history#110000069618

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