Answer: Last daily settlement

**Correct answer: B. Last daily settlement** According to Hull, critical dates in the delivery process include dates such as the **first notice day**, **last notice day**, and **last trading day**. These dates are important because they affect when delivery notices can be issued and when trading or delivery must occur. **Last daily settlement** is a marking-to-market process, not a delivery milestone, so it is **not** a critical delivery date.

Author: Manit Arora