I understand that open orders are adjusted by the amount of the dividend (FINRA Rule 5330).
But when are the open orders adjusted?
For example On Aug 24, 2020 I place buy order for stock XYZ for $100. When will my order change to BUY stock XYZ for $99.50? And when will my order revert back to BUY stock XYZ for $100? I am in USA. Thank you for any help.
Dividend is $0.50
Ex-dividend date is Sep 14, 2020
Declaration date is July 28, 2020
Record date is Sep 15, 2020
Payment date is Oct 7, 2020