# Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance), Division 4: Calculation of the market risk module

Extent: E+W+S+N.I.

Structure of the market risk module
The market risk module, set out in Article 105(5) shall be equal to the following:
SCR market = ∑ i,j Corr i,j × SCR i × SCR j
where SCRi denotes the sub-module i and SCRj denotes the sub-module j, and where ‘i,j’ means that the sum of the different terms should cover all possible combinations of i and j. In the calculation, SCRi and SCRj are replaced by the following:
SCR interest rate denotes the interest rate risk sub-module,
SCR equity denotes the equity risk sub-module,
SCR property denotes the property risk sub-module,
SCR spread denotes the spread risk sub-module,
SCR concentration denotes the market risk concentrations sub-module,
SCR currency denotes the currency risk sub-module,

---
Source: https://www.legislation.gov.uk/eudr/2009/138/annex/IV/division/4 (the official version)
Page: https://openlegislation.uk/eu-directive-2009-138/annex-IV/division-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.