open and settlement price on interest rate futures

Basically, the open price is the price at the start of the day and the settlement price is the average price for the day. (Its actually a little bit more involved than that, but it is always the settlement price that is relevant. I think I am correct in saying that this question is the only time that the terms open and settlement prices have been used – it was the previous examiner).

Last sentence is much more critical.
The prices given are ‘todays’ prices. When it says ‘settlement at the end of the month’ it means that the futures deal must be completed by the end of the relevant month (i.e. March or whatever).