However, a sell limit order will not adjust for a stock split. For example, if you had an open order to buy 100 shares of XYZ at $50 limit and XYZ has a two-for-one stock split, your order would become a buy 200 shares of XYZ at $25 limit. A limit buy order will automatically adjust on the ex-date. This is the case with an order to buy using a limit price type. Orders that are not cancelled may be adjusted automatically. If you’ve placed an order that has been canceled, you will receive an Alert notification of the cancellation. Open orders may be adjusted, canceled, or left unchanged depending on the type of order you’ve placed. So why are these dates important? In a nutshell, only official shareholders of record on the payable date participate in the stock split. When the market opens on the ex-date, the split adjusted prices will be shown for trading. Ex-date: This is the date that the stock will begin trading on a post-split basis.If you bought the stock at least two business days before the shareholder as of date, then you’ll see your account adjusted on the payable date. Payable date: This is the date when the split actually takes effect and you’ll see the changes in your account.However, it does mean that with regard to a corporate event, such as a stock split, dividend, or proxy vote, you are not the shareholder of record noted for the corporate event until your trade settles.

This does not restrict your ability to buy or sell stock, it’s simply the behind-the-scenes mechanics of how the markets work. However, from an industry bookkeeping standpoint, you become the “shareholder of record” only when the trade settles-for most stock trades that’s two business days after the trade date. At the moment your buy order is filled at E*TRADE from Morgan Stanley, you do in fact, own the stock.

Shareholder as of date (shareholder of record): This is a little tricky, but owning a stock is not the same as being the shareholder of record.

This action raises the share price while reducing the number of shares outstanding. Occasionally, a company will announce a reverse split.

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