MiFID II - Target market

Product Governance - Target market and negative target market data

Under the MiFID II regulations, a manufacturer / issuer of financial instruments is required to define a target market for every instrument. This target market must be taken into consideration by the distributor of the instruments.

The target market topic falls into two categories, target market and negative target market. The fields of the target market area should, if possible, be completely populated by the issuer. The negative target market area has an optional character. Via the negative target market, a corresponding non-suitability can directly be declared for individual aspects of the target market.

The query profile MiFID II - Target market contains data on the subjects:

These subjects are each presented as target market and negative target market.

Overview of target market fields

Target market source identifier GD496P
Definition Target market Negative
target market
Risk indicator GD496H GD496Q GW5
Risk and yield profile GD496M GD496R GW9
Financial loss bearing capacity GD496N GD496S GX1
Knowledge and experience GD496O GD496T GX2
Customer category GV1A4 GV1C2 GW6
Investment objectives GV1A5 GV1C3 GW7
Investment horizon GV1A6 GV1C4 GW8
Distribution strategy GV1C0 GV1C5 GY6
Special requirements GV1C1 GV1C6 GY7
Sustainability Table
GD350W Sustainability - Preferences FJ2
GD350Y Sustainability - Focus FJ3
GV499 Principal adverse impacts FQ5
GV709 Additional information to the Sustainable Finance Disclosure Regulation (SFDR) FQ4
GV721 Naming environmental objectives and social objectives under article 9 of the taxonomy regulation FQ3
GV722 Share of enabling activities -
GV723 Share of so-called transition activities -
GV726 Share of environmentally sustainable economic activities as per taxonomy -
GV727 Total share of sustainable investments -
GV728 Share of ecologically sustainable investments -
GV729 Share of socially sustainable investments -
GV9W9 Sustainability - Label FJ4
Further target market fields Table
GD496Y Addendum to the special requirements -
GD496Z Product category on the basis of knowledge and experience GZ3
GD497A Product approval process identifier GZ4
GD497C Risk indicator computation method FD6

As of January 2018


The query profile MiFID II - Target market makes it possible to query the target market assignments and to carry out target market controls (Product Governance) necessary with the introduction of MiFID II Art. 16 & Art. 24.

MiFID II Target market detail display for a funds with a risk indicator and risk class of 5.


Included data fields in query profile MiFID II - Target market


Please note that, for licensing reasons, most of the above GD fields are exclusively available in the wmProfile query profile for MiFID II - Target market and thus are not available in the wmView Securities Master Data.


Functional field descriptions and table attributes

An extensive functional field description with the corresponding table attributes can be queried via the optional module wmGuide.

Some examples of selected WM target market fields:

wmGuide: field description and table attributes GD496N (Financial loss-bearing capacity)

wmGuide: field description and table attributes GD496O (Knowledge and experience)

wmGuide: field description and table attributes GD496Q (Risk indicator (negative target market))

wmGuide: field description and table attributes GD496R (Risk and yield profile (negative target market))


Which customer category has a particular product?

For the target market specifications, the customer category is shown in the linkage field GV1A4. For the negative target market data the customer category is mapped in the linkage field GV1C2. The possible table attributes are:

Excerpt from WM Table GW6:

Value Definition
1 Retail client
2 Professional client
3 Eligible counterparty

As of January 2018
For topical & complete field descriptions and table values, please use wmGuide.

Investment objectives within the scope of target market requirements

The investment objectives pursued by a specific security are shown in WM field GV1A5. WM data field GV1C3 displays the data for negative investment objectives. The possible attributes are:

Excerpt from WM Table GW7:

Value Definition
1 Specific retirement scheme
2 General asset accumulation / asset optimisation
3 Disproportional participation in price changes
4 Hedging

As of January 2018
For topical & complete field descriptions and table values, please use wmGuide.


Target market source identifier (GD496P)

The target market positions must principally be supplied to WM Datenservice by the respective issuer / manufacturer. In cases where no such information is available, WM Datenservice will determine a substitute suggestion for the target market.

The field GD496P indicates the source of the target market requirements. This can either be the manufacturer (Value 1) or as in the following example WM Datenservice (Value 2):

Detail display of a debt instrument with value 2 (WM Datenservice) for the target market source identifier

If the target market data is determined by WM Datenservice, the fields for the negative target market will not be filled.

How is the distribution strategy?

The WM linkage field GV1C0 displays the distribution strategy. The linkage field GV1C5 displays the associated negative distribution strategy. These linkage fields have the following table attributes:

Excerpt from WM Table GY6:

Value Definition
1 Execution only
2 Non-Advised-Securities
3 Investment consulting

As of January 2018
For topical & complete field descriptions and table values, please use wmGuide.


ESG preferences

To implement the Delegated Regulation of the EU Commission published on 21.04.2022 expanding MiFID II with sustainability aspects, WM Datenservice has introduced additional fields for displaying ESG (environment, social, governance) preferences.

These fields are marked as ESG-relevant fields in the Overview of target market fields table.

Further information from WM Datenservice:


Please note that all customer and special information from WM Datenservice are password protected since 16.04.2012. If you do not have your login data available or not known, please contact WM Datenservice via E-Mail.


Product approval process identifier (GD497A)

Based on the information given by the issuer, this field identifies whether the financial instrument went through a product approval process and the specification / regulation on which the process is based. Keys 1-4 are based solely on the reporting by the issuer. If no information has been provided, this field will be populated by key 5.

Excerpt from WM Table GZ4:

Value Definition
1 Product approval procedure pursuant to MiFID II
2 Product approval procedure comparable to MiFID II
3 Product approval procedure not in accordance with MiFID II
4 No information is requested from the issuer
5 No information available from the issuer

As of January 2018
For topical & complete field descriptions and table values, please use wmGuide.

What are the MiFID II target market classification data used for?

Use cases for target market classification data include:

  • Review / control of delivered European MiFID template (EMT) fund data against WM data
  • Product monitoring by manufacturer and / or sales - Product Governance monitoring responsibility
  • Compliance with customer interests through compatibility of the sales strategy with the target market (Art. 24 (2) MiFID II)

Who uses WMACCESS to query MiFID 2 - Target market data?

  • Banks
  • Financial services provider
  • Fund companies
  • Securities services provider
  • Capital management companies
  • Asset management companies


How often are the MiFID II target market data updated?

Every trading day WM Datenservice provides the product MIR II with data on MiFID II - target market classification.

Can the query of MiFID II target market be tested?

Yes, please apply for a free test access in order to query the target market transparency for free.


Please download the contract and carry out a free express installation by email.

Query costs:

For this query profile the query fee category T6 applies for price model 1 and 2.


On this page you will find an overview of the query profiles with the information in which query fee category a hit list or detail view falls.

Cost overview per query profile


Changes / corrections of MiFID II & MiFIR target market data

Would you like to receive notification if, for example, the risk indicator (GD496H) changes for a security you manage? With our service for monitoring WM data, a portfolio-based monitoring is possible.

You will automatically be informed about changes in the securities you manage.

Contact us for further details and prices.


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