The current state of an order, e.g. Open, Pending Review or Cancelled.

Related to IPOs: One of four phases (Filed, Indicate Interest, Priced, Priced & Allocated) that a Merrill Lynch IPO Center offering moves through in the process of becoming public.

For Alternative Investments: Indicates the current status of the order.

For funds: Whether the fund is open or closed to new investors. Funds once closed to new investors may sometimes be re-opened temporarily or permanently.