After a FCR Document is initiated and the creator party has completed their approval process the Document will move to Counterparty Review. This is the approval workflow for the Counterparty or receiver of the FCR Document.
Receiver Workflow & Approvals
The Document is in Counterparty Review state, pending action from the counterparty or receiver of the Document. In this state the counterparty will review the Document for final Approval.
The counterparty also has the option to Reject the Document returning the document to Composition state.
-If the Party is a RateSync or Full Service subscriber, an option to Approve GUA Rate Schedule Workstream when brokerage rates are applied to underlying GUAs is also available in this approval step.
[If the counterparty on the Document is not a user of FCR this step is skipped and the Document goes directly from Internal Review to Published]
Once approved the Document moves to Published state. This is the final state for a FCR Document.
If no Effective Date was set on the Document, it will update with an Effective Date equal to the Published Date. Underlying GUAs will also take this Effective Date in RateSync.