In the United States, the Securities and Exchange Commission (SEC) stipulates the T+2 rule, that stock trades settle two days after purchase. That time period was last shortened on September 5, 2017. The ex-dividend date is normally the business day (2 days minus 1) before the record date. For the purpose of calculating an ex-dividend date, business days are days on which both the major stock exchanges and the banks in New York State are open. Thus Columbus Day and Veterans Day are trading days, but not business days for calculating an ex-dividend date, since they are legal holidays and banks are not open.