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The module was created in accordance with Directive 2014/65/EU (MiFID II).
The target market(TM) is an evaluation of the instrument, which must be provided by both the issuer and the distributor.
- Producers or manufacturers are the issuers of the financial instruments; they are required to identify, as part of the product approval process, the potential target market of end customers for whose needs, characteristics and objectives the product is compatible and to whom it should therefore be addressed.
- Distributors are the financial intermediaries who supply the financial instrument. On the basis of the information received from producers and on that provided by their clients, distributors will have to identify a more concrete and current target market (the so-called effective market) than that identified by the manufacturers.
In summary, the target market indicates the “typical customer” to whom the financial instrument is aimed.
The Target Market module of AT Master allows to make an analysis and comparison between the information coming from Manufacturers and those produced internally as Distributor.
The steps to obtain the required information can be summarized in:
- Acquisition of Manufacturer flows
- Acquisition of the reference data of the desired set
- Archiving bulk data
- Production of Distributor-side product and customer information with a special parameter configuration dashboard
- Comparison between the information proposed by the Manufacturer and that identified by the Distributor
- Selection and validation of appropriate information and possible justification for conflicting choices
- Export of final information
- Periodical review of the choices made
In the image shown you can see the archiving of the Target Market module: