Valuation date is the specific date used to determine the market value of financial instruments, derivatives, or investment portfolios for various purposes including settlement, reporting, or performance measurement. This date establishes the reference point for price discovery and ensures consistent valuation across different instruments and counterparties.

Valuation date selection affects contract settlements, margin calculations, and financial reporting outcomes. Different financial instruments may use various valuation conventions including trade date, settlement date, or month-end pricing. Understanding valuation date mechanics helps manage timing risks and ensure accurate financial reporting and settlement procedures.

Real-world example: A commodity swap contract specifies the 15th of each month as the valuation date for monthly settlements, using published price assessments from that specific date to calculate payment obligations between counterparties.