Last Price is defined as:

• A. Highest price in the trading session
• B. Opening price
• C. Mid-market price
• D. Price of the most recent trade

Answer: (D)

Last price is the price of the most recent trade. It reflects the last transaction’s execution price and updates each time a new trade occurs, showing where the market last agreed on a price. It isn’t the highest price reached in the session, which would be the session high; nor is it the opening price, which is the price at market open. It also isn’t the mid-market price, which is typically the midpoint between the best bid and the best offer. So the price of the most recent trade best captures what just happened in the market.