> ## 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 unconstrained)

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

|                 |                                                                                                                                             |
| --------------- | ------------------------------------------------------------------------------------------------------------------------------------------- |
| **Description** | The unconstrained 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**    | $IMCC(C)$                                                                                                                                   |
| **Formula**     | $\displaystyle IMCC(C)=ES_{R,S} \cdot \frac{ES_{R,C} }{ES_{R,C} }$                                                                          |

This measure represents expected shortfall across risk classes, liquidity-adjusted and scaled to stress period.

Also referred to as "unconstrained".