Layer FX
Layer FX are part of Motion Monster Studio. Switch the effects panel to Layer, then add an effect. It is drawn on top of every figure in that timeline layer.
The list matches figure FX, except Energy and Wave, which stay on a single figure.
Light
Glow
Bloom
Light Highlight
Edge
Outline
Shadow
Color
Colorize
Chroma Key
Distort
Blur
Directional Blur
Turbulent Displace
Pixelate
Opacity fades the whole layer-FX stack. Stack blend is how the stack changes between keys on the timeline: hold, linear, and the other tween types used for poses.