2.8 Some Terminology Open interest: the total number of contracts outstanding equal to number of long positions or number of short positions Settlement price: the price just before the final bell each day used for the daily settlement process Volume of trading: the number of trades in 1 day Options Futures, and other Derivatives, 5th edition C 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 2.8 Some Terminology • Open interest: the total number of contracts outstanding – equal to number of long positions or number of short positions • Settlement price: the price just before the final bell each day – used for the daily settlement process • Volume of trading: the number of trades in 1 day