A date close to the coupon date. After the ex-dividend date, the bond is traded “ex-dividend“, and the seller not the buyer receives the next coupon and the buyer has to be compensated for missing the next coupon by means of a lower purchase price. Between the coupon payment date and the next ex-dividend date the bond is traded “cum-dividend“, so that the buyer gets the next coupon payment. The seller is compensated for missing the next coupon payment by receiving accrued interest instead.