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ex-dividend date and time zones
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ex-date is a function of the exchange, as well as the dividend. consider deutsche bank ag, db on the nyse, dkr on xetra. for a given dividend, each exchange sets the ex-date for trades on that exchange.  (see http://www.sec.gov/answers/dividen.htm for a description of how it works in the us; other exchanges/countries are similar.) this ex-date is normally based on the dividends record date, which is when you must be on the company's books as a shareholder to receive the dividend, and based on when trades for an exchange are settled. the ex-date is the first date for which trades on that date will not settle until after the record date. this means that the ex-date can be different for different exchanges. if you sell your shares on an exchange before the ex-date for that exchange, you will not get the dividend. if you sell your shares on or after the ex-date for the exchange, you do not get the dividend. so it depends on the time zone of the exchange. most stock exchanges trade t+3, but this can still come into play if there are bank holidays in different countries at different times.
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