Novation Launchkey 49 MK3 USB MIDI Keyboard Controller (49-Key) - Manual (Page 45)

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4.3.5 Faders and Fader Buttons (49 & 61 Key Models Only)
The faders always control track volumes for the selected bank of tracks.
The Arm/Select button toggles between arming tracks (default) and selecting tracks. When in select
mode the Fader buttons are lit dim white and in arm mode red. When a track is selected and active
the Fader button will be lit brightly.
4.3.6 Transport Buttons
The transport buttons listed below will function as described when used with HUI.
Play - Pressing this button will initiate playback of the track.
Stop - Pressing this button will stop playback of the track.
Undo - pressing this will trigger the undo function
Rec - pressing this will trigger the record arm function
Loop - toggles the transport loop (“cycle mode”)