Understanding Counterparty Statuses

Understanding the trading and compliance status of a counterparty.

About the Counterparty Status

The status of a counterparty (Account) is described by 2 fields:

Status - indicates the trading status of the account. Possible values are 'Pending'; 'Active'; 'Inactive'; 'Closed'; 'Greylist'; 'Suspended'. It is only possible to enter trades against accounts with status 'Active'.
Compliance Status - indicates the stage of compliance review, typically utilized during initial client onboarding and subsequent KYC reviews. Possible values are detailed in the tables below.

Using a combination of the 2 fields it is possible to determine the exact status of an account within a given lifecycle stage. The statuses can be used in reports/dashboards and can be used to trigger custom workflows. The current statuses of an account can be seen by searching for the account in question under Counterparties > Counterparties in the navigation panel:

Counterparty Status

The tables below detail the various statuses and typical transitions.

Note: Compliance Statuses only apply to counterparties being onboarded using the Comply features for KYC workflows, including the KYC Portal. The exact workflow for defining these status changes can be customized as required.

Action	Status	Compliance Status
New counterparty created	Pending	None
User Triggers sending of onboarding form	Pending	Ready for Portal Onboarding
Onboarding form sent to counterparty	Pending	Sent to Customer - Onboarding
Counterparty submits onboarding application via the Kooltra KYC Portal	Pending	Sales Review - Onboarding
Sales reviews onboarding application	Pending	Sales Review - Onboarding
Sales submits onboarding application to Compliance within Kooltra	Pending	Compliance Review - Onboarding
Compliance reviews onboarding application	Pending	Compliance Review - Onboarding
Compliance Rejects Counterparty with reason 'needs more info'	Pending	Rejected by Compliance
Compliance Reject Counterparty and adds them to greylist	Greylist	Greylist
Compliance approves onboarding application	Active	Approved

Application Update (signature required)

Action	Status	Compliance Status
Counterparty submits application update	Active	Sales Review - Update
Sales reviews application update	Active	Sales Review - Update
Sales determines its missing information and "sends to Counterparty"	Active	Sent to Customer - Update
Counterparty submits application update	Active	Sales Review - Update
Sales submits application update	Active	Compliance Review - Update
Compliance reviews application update	Active	Compliance Review - Update
Compliance Rejects, needs more info	Active	Rejected by Compliance
Compliance Rejects, account should not be able to trade	Suspended	Rejected by Compliance
Compliance Rejects, add to greylist	Greylist	Rejected by Compliance
Compliance approves application update	Active	Approved

Application renewal (pre-renewal date)

Action	Status	Compliance Status
Renewal is within 30 days, application renewal created	Active	Sent to Customer - Pre Renewal
Counterparty submits application renewal before end of 30 days	Active	Sales Review - Renewal
Sales reviews application renewal	Active	Sales Review - Renewal
Sales "send to customer" for more info	Active	Sent to Customer - Renewal
Counterparty submits application renewal	Active	Sales Review - Renewal
Sales submits application renewal	Active	Compliance Review - Renewal
Compliance reviews application renewal	Active	Compliance Review - Renewal
Compliance Rejects, needs more info	Active	Rejected by Compliance
Compliance Rejects, account should not be able to trade	Suspended	Rejected by Compliance
Add to greylist	Greylist	Rejected by Compliance
Compliance approves application renewal	Active	Approved

Application renewal (post-renewal date)

Action	Account Status	Compliance Status
Renewal date passes	Suspended	Sent to Customer - Pre Renewal
Counterparty submits application after renewal date	Suspended	Sales Review - Renewal
Sales Reviews application renewal	Suspended	Sales Review - Renewal
Sales "send to Counterparty"	Suspended	Sent to Customer - Renewal
Counterparty submits application renewal	Suspended	Sales Review - Renewal
Sales submits renewal	Suspended	Compliance Review - Renewal
Compliance reviews application renewal	Suspended	Compliance Review - Renewal
Compliance Rejects, needs more info	Suspended	Rejected by Compliance
Compliance Rejects, account should not be able to trade	Suspended	Rejected by Compliance
Add to greylist	Greylist	Greylist
Compliance approves application renewal	Active	Approved