> ## Documentation Index
> Fetch the complete documentation index at: https://docs.activeviam.com/llms.txt
> Use this file to discover all available pages before exploring further.

# ES (capital constrained)

<Badge color="gray" size="lg">[ima](../tags/ima)</Badge>

|                 |                                                                                                                                             |
| --------------- | ------------------------------------------------------------------------------------------------------------------------------------------- |
| **Description** | The non-diversifiable risk class ES charges (also known as constrained expected shortfall charge)                                           |
| **Reference**   | [\[MAR33.15\]](https://www.bis.org/basel_framework/chapter/MAR/33.htm?inforce=20230101\&published=20200327#paragraph_MAR_33_20230101_33_15) |
| **Notation**    | $ \sum_{i=1}^{R}{IMCC(C_i)} \text{ where } IMCC(C_i)=ES_{R,S,i} \cdot \frac{ES_{R,C,i} }{ES_{R,C,i} }$                                      |

The measure takes the results of the [ES (Capital)](./es-capital-stress) calculation for the individual Risk Classes (not 'allin') and then sums them up.