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On Wed, 23 Sep 1998, Tim M wrote:
>I'll bet there is a better definition if we dig further. I think there is indeed
>some differences between these three phrases.
Better than the one extracted directly from the rulebooks?
Maybe this is just a matter of semantics. In this regard,
the term "closing price" does not necessarily mean the
=last= trade. A committee establishes the range, an average
is taken, and =that's= the settlement or "closing" price.
It's just that the exchanges seem to use the terms "closing"
and "setttlement" interchangeably.
Best regards,
Jim
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