tl;dr It doesn't matter when settlement happens.
Settlement is a process that does not happen at any one time. It is a several-day operation whereby the exchange and its clearing houses decide what all the trades for a given day mean: i.e. who owns what and how much money needs to go where. A new process of settlement begins every night at the end of trading.
The final settlement of a contract is also a process, but differs from everyday settlement as follows:
- rather than happening every day, it happens only once per contract, starting when the contract expires. Depending on the contract, this could happen once a month, once every three months, or even once a year.
- instead of reconciling trades, final settlement reconciles positions held at expiration. Normal settlement is "easy" because the price of each trade has already been agreed upon by the contract's counterparties; final settlement, on the other hand, requires the exchange to artificially determine a price that people on both sides of the contract will be happy with.
In your case, it's not clear whether you're asking about daily settlement or final settlement.
- If you're asking about daily settlement, then if you make a trade in the morning, the settlement process for that trade probably begins at the end of the day session and then takes a couple days. But the exact timing of your settlement process is not really useful to know. It doesn't affect the pricing of your contract or when you can make another trade. It's entirely invisible.
- If you're asking about final settlement, then it doesn't matter when you obtained the contract; the only thing that matters is whether you're still holding it at 16:00 CET on the last trading day. If so, then there will be a final settlement process for your contract using the price as described in the EDSP section. Again, it's pretty much irrelevant exactly when the settlement occurs. It probably starts at the end of the session during which the final moment of trading falls -- in this case that would be the day session. The process will take a few days, but unlike with daily settlement, this time your contract will be taken away from you and you'll be given some money (or a charge).