By default, the FormatAnchor(True) property is "<u><fgcolor=0000FF>#" that indicates that the anchor elements ( that were never clicked ) are underlined and shown in light blue. Also, the FormatAnchor(False) property is "<u><fgcolor=000080>#" that indicates that the anchor elements are underlined and shown in dark blue. You can use the <a> anchor elements to insert hyperlinks to cells, bars or links. 

The visual effect is applied to the anchor elements, if the FormatAnchor property is not empty. For instance, if you want to do not show with a new effect the clicked anchor elements, you can use the FormatAnchor(False) = "", that means that the clicked or not-clicked anchors are shown with the same effect that's specified by FormatAnchor(True). An anchor is a piece of text or some other object (for example an image) which marks the beginning and/or the end of a hypertext link. The <a> element is used to mark that piece of text (or inline image), and to give its hypertextual relationship to other documents. The control fires the AnchorClick event to notify that the user clicks an anchor element. This event is fired only if prior clicking the control it shows the hand cursor.  The AnchorClick event carries the identifier of the anchor, as well as application options that you can specify in the anchor element. The hand cursor is shown when the user hovers the mouse on the anchor elements.