What is it to be truly Malaysian?

What is it to needed to be truly to be a Malaysian? Malaysia is a unique country where there are many different races and religions in the country. To be a Malaysian, we must know at least 2 languages which are the Mother Language and the Malaysia official language, the Malay. Besides knowing several different languages, to become a Malaysian, you must know how to sing the National Anthem of Malaysia, the “Negaraku” and Patriotic songs. Next, Malaysian must able to eat spicy foods as the Malaysian people love spice, where the spice been contributed into the foods such as Curry, Laksa, and many more. Malaysian also needs to know the Malaysia history and the name of our Former and Present Prime Ministers and the King’s name. Furthermore, Malaysian should visit the country’s tourism site and historical site rather than always goes to other country for vacation.

All About FOOD!!

Malaysia is a multicultural country which the Malaysian food is part of the culture that clearly shows truly Malaysian style. To be a truly Malaysian, one must eat the foods at least one time and that just can say he or she is one of us, Malaysian. Because of the multicultural society, the foods also have multicultural foods such as Laksa, Satay, Nasi Lemak, Curry Mee, Roti Canai, Nasi Kandar, Char Koay Tiao, and many more. The most important part being a Malaysian is not to be anti other culture foods. But of course the religion that did not allowed eating a certain kind of meat, then no choice.

As you walking down the streets in a Hawker stall or Nasi Kandar restaurant, you can see not just only 1 religion inside the place, but you can see Malays, Chinese, Indians, and other races inside the restaurants to enjoy the delicious foods offered there. Malaysian will sit inside the Nasi Kandar restaurant enjoying the cup of tea and have some Roti Canai. In football season, all the football fans will gather at the Nasi Kandar restaurant and cheer for their teams they support. This is a Malaysian way to cheer for their teams because they are unavailable to get to the football match.

Often we can see lots of people tend to go to the roadside food stalls to eat there, some even standing. Not that the Malaysian are poor or what-so-ever, but is the foods that bring all these people together and eat it in Malaysian way. Food always brings together all people in Malaysia. Laksa, Roti Canai, Nasi Lemak, Cendol and etc are some of the foods that all religious groups in Malaysia eat. Especially Cendol, Malaysia is a summer country and the weather is getting hotter and hotter, you can see in the afternoon where Malaysian will gather around a Cendol store, and eat together standing around the store and they will have some chit chat even they are strangers a minute ago.

The good thing in Malaysia is when you are feeling that you want to eat other food rather than your own culture food; there are varieties of good foods waiting for you to tryout. For example Rojak, well this is a truly Malaysian Style food. Mix all the fruits with the special rojak sauce with some peanut powder, now that is mouth watering.

To become a true Malaysian, food is one thing that you must tryout and must eat it according to the local culture or tradition. 

(Prepared by Foo Chi Hong)

All About ART!!

Traditional Malaysian art is for the most part fixated on the specialties of cutting, weaving, and silversmithing. Traditional art ranges from hand woven wicker container from provincial zones to the silverwork of the Malay courts. Basic works of art included decorative kris and scarab nut sets. Extravagant materials known as Songket are made, and additionally conventional designed batik fabrics. Indigenous East Malaysians are known for their wooden covers. Malaysian workmanship has extended just as of late, as before the 1950s Islamic taboos about drawing individuals and creatures were solid. Materials, for example, the batik, songket, puakumbu, and tekat are utilized for improvements, regularly weaved with a work of art or example. Conventional gems were produced using gold and silver embellished with diamonds, and, in East Malaysia, cowhide and dabs were utilized to the same impact.

Every ethnic group has unmistakable performing expressions, with little cover between them. Malay art demonstrates some North Indian influence. A type of art called makyong, joining move and show, stays strong in the Kelantan state. However, more established Malayan-Thai performing expressions, for example, makyong have declined in prominence all through the nation because of their Hindu-Buddhist root. Since the Islamisation period, expressions of the human experience and tourism service have concentrated on more up to date moves of Portuguese, Middle Eastern, or Mughal root. Malay customary moves incorporate jogetmelayu and zapin. Lately, dikirbarat has developed in ubiquity, and it is effectively advanced by state governments as a social symbol.The Chinese groups brought customary lion dance and dragon dance with them, while Indians brought works of art, for example, BharataNatyam and Bhangra. Imperialism likewise brought other works of art, for example, the Portuguese Farapeira and Branyo. There are assortments of customary moves, which frequently have extremely solid profound noteworthiness. Diverse tribes from west and east Malaysia have distinctive moves.

Most Malaysians dress as Westerners do but numerous Muslim ladies wear long skirts/jeans and head scarves. On uncommon events, individuals from every ethnic group wear their customary clothes. For Malay ladies, they wear the bajukurung; Malay men wear the bajumelayu with a songkok on the head. On the other hand, the men wear batik shirts with trousers. Indian ladies wear the sari. The salwarkameez or Punjabi suit is prevalent with northern Indian women. The kurta is the conventional clothing for men on formal occasions.The traditional cloth for Chinese ladies is the cheongsam (actually 'long dress') or qipao. Peranakan women otherwise called Baba Nyonya, they are Chinese foreigners who wedded Malay accomplices. They wear the elegant kebaya that can be depicted as customary high fashion.

(Prepared by Lai Jordan)

All About TOURISM SITE!!

 Malaysia is a federation of 13 states and three federal territories. These are divided between two regions, with 11 states and two federal territories on Peninsular Malaysia and the other two states and one federal territory in East Malaysia. Kuala Lumpur is the main city in Malaysian and there of course have a lot of attraction place. In my opinion, a true Malaysian they should have a knowledge and understanding all the Malaysia famous attraction. As a true Malaysian they sure will visit to PETRONAS Twins Tower at Kuala Lumpur. The Tower's building is the landmark of Kuala Lumpur, main attraction and the reason also increase the volume of tourists visit to Malaysia because it has proved the record of the tallest buildings in the world from 1998 completion year until 2004. There have total of 88 storeys with 1483ft (452meters) and the towers are linked by a bridge at the 41st storey for the uses of viewing deck. A lot of Malaysian will take pictures with PETRONAS Twins Tower when they going to Kuala Lumpur.

                  

KL Tower is another high building at Kuala Lumpur because they are visible from almost anywhere near to Kuala Lumpur. There have 421 meters building for uses of high telecommunications and broadcasting tower which appear taller than PETRONAS Twin Tower because KL Tower is build on a hill. Other than PETRONAS Twin Towers, Menara KL Tower is the most recognizable and popular landmark in Malaysia. When friend come from overseas to Malaysia, they will ask me bring them to both of this towers because it has most attractive sky Link Bridge on PETRONAS Twins Tower. Menara KL had a revolving restaurant which is tourists can enjoy the Malaysian food with the spectacular city view on Kuala Lumpur.

                                  

Other than Kuala Lumpur, Penang is the best place which major recognised by Malaysian as well. Penang is also get prove that on the top 10 best retirement place from BBC news. For example, Kek Lok Si Temple is the Buddhist temple which is one of the most well known temples located on the island. This is the largest temple in Malaysia and also Southeast Asia. This building is build on 1891, there fill up with the historical and heritage treasures in Penang. The interior is built up a Pagoda with ten thousand image of Buddha.

Penang Hill is also one of the famous attractions for Malaysian will visit. The actual place is nearby with Kek Lok Si temple and the distance is not more than one kilometre because both the attractions are state at Air Itam, Penang. You can escape for the hot weather at Georgetown if you come over to Penang hill because it is 830 meter high with 2750 foot from the sea level. There is only train services provided to reach the destination. At the top of the hill, there is a magnificent panoramic view of major place at Penang.

(Prepared by Lee Chia Ching)

All About LANGUAGE!!



Malaysia has many races people, Malay, Chinese, Indian and another. Different races people using different language to communicate, like Malay people they using Bahasa Melayu, Chinese people using Hok Kean, Cantonese, and so on, and Indian people using indian. In Malaysia also have a part of people using English to communicate.

Because of the different races of people, Malaysian has a own style witch is only Malaysian understand language, that is “Bahasa Rojak” . Bahasa Rojak is the language mix all different language, example like Tempatmakanni best sangatlah, that have mix by the Malay and English.

This is the Malaysian talking in the kopitiam, Malaysian always using lah, meh, and another pun inside their communicate, but actually lah and meh are not in the dictionary, that is a signal of Malaysian.

Maybe sometimes we are don’t understand what the people try to talk, but in Malaysia we have Bahasa Rojak, it can made Malaysian more understand the meaning. Even we are using a wrong word to communicate but that is a special of Malaysian.

So to be a true Malaysian, we got to speak the Bahasa Rojak as part of our daily life. Combining all the different languages together to form a sentence, that is how we communicate.

(Prepared by Khor Yeow Ping)

CONCLUSION!!

Well of course there are some others ways to be allowed an individual or Malaysian to be truly a Malaysian. These are just some of the examples that a true Malaysian do. So why not start to try some today? You will never regret!! 

ps: Weather in Malaysia now is getting hotter and hotter, remember to drink more water stay hydrated!!!

Reference

1. Mixed Languages in Malaysia by Chow, PS, Ganendra, V, Yap, HF, Wee, J, Vishal, R & Goh, E - read the free ebook now from ePub Bud!. 2016. Mixed Languages in Malaysia by Chow, PS, Ganendra, V, Yap, HF, Wee, J, Vishal, R & Goh, E - read the free ebook now from ePub Bud!. [ONLINE] Available at:http://www.epubbud.com/read.php?g=UGLGE5XT&p=5. [Accessed 21 March 2016].

2. Funny Malaysian English Or Manglish, Why Cannot?. 2016. Funny Malaysian English Or Manglish, Why Cannot?. [ONLINE] Available at: http://malaysiannews.info/funny-malaysia-english-or-manglish-why/. [Accessed 21 March 2016].

3. Traditional Clothes of Malaysia. 2016. Traditional Clothes of Malaysia. [ONLINE] Available at:https://www.vtaide.com/ASEAN/Malaysia/clothes.html. [Accessed 21 March 2016].

4. Art and Culture of Malaysia . 2016. Art and Culture of Malaysia . [ONLINE] Available at:http://www.123independenceday.com/malaysia/art-and-culture.html. [Accessed 21 March 2016].

5. Menara KL Tower - Kuala Lumpur Attractions. 2016. Menara KL Tower - Kuala Lumpur Attractions. [ONLINE] Available at: http://www.kuala-lumpur.ws/attractions/menara-kl-tower.htm. [Accessed 21 March 2016].

6. Penang Hill. 2016. Penang Hill. [ONLINE] Available at: http://www.malaysiasite.nl/hill.htm. [Accessed 21 March 2016].

7. 25 Malaysian Dishes You Should Know | Serious Eats. 2016. 25 Malaysian Dishes You Should Know | Serious Eats. [ONLINE] Available at: http://www.seriouseats.com/2011/08/25-malaysian-dishes-you-should-know-what-is-malaysian-cuisine.html. [Accessed 21 March 2016].

8. Malaysian Food on MalaysianFood.net. 2016. Malaysian Food on MalaysianFood.net. [ONLINE] Available at: http://www.malaysianfood.net/. [Accessed 21 March 2016].

Grammar 1

Nouns              Pronouns         Preposition      Verbs               Adverbs          Adjectives Conjunction            Determiners     Articles

We propose a risk modeling framework for financial portfolios that integrates market risk with liquidation costs which may arise in stress scenarios. Our model provides a systematic method for computing liquidation adjusted risk measures for a portfolio. Calculation of Liquidation-adjusted VaR for real and simulated portfolios reveal a substantial impact of liquidation costs on VaR for portfolios with large concentrated positions.

1 Introduction

Quantitative models commonly used in financial risk management have mainly focused on the statistical modeling of variations in the (mark-to-)market value of financial portfolios, in order to estimate a risk measure { such as Value-at-Risk or Expected shortfall{ over a given time horizon. These risk measures are then used for determining capital requirements, margin requirements, reserves, in order to provision for losses in extreme risk scenarios. Typically, when such losses materialize, the financial institution is led to liquidate a sizable portion of its portfolio and the realized liquidation value may be quite different from the (pre-liquidation) market value used in the model. The difference {the liquidation cost {can be significantly if the portfolio contains large, concentrated positions. Not accounting for this liquidation cost in risk calculations may result in a serious underestimation of portfolio losses in a stress scenario. Several risk management _ascos have been associated with the miscalculation of risk for large positions. When the institutions tried to unwind their positions, the realized losses were much larger than what their risk models had anticipated. A spectacular example was provided by the JP Morgan CIO losses in 2012, when the bank sued a $ 6.2 billion loss while unwinding CDS index positions amounting to several hundred billions of dollars in gross notional [U.S. Senate, 2013, JP Morgan, 2014]. These considerations call for a comprehensive approach for integrating liquidation value into portfolio risk measures; this issue is particularly relevant for financial institutions managing large portfolios.

2 A model for liquidation Losses

Consider a portfolio with positions in n assets classes, whose values at date tk = kΔt are denoted S1k,...,Snk . We assume that, in the absence of systematic effects from large trades, the \fundamental" return of asset I between tk and tk+1 is equal to a random variable pΔt_ik+1 +miΔt, where mi is the 1Electronic copy available at: http://ssrn.com/abstract=2739227 drift of asset i and the sequence of random vectors (_k+1)k_0 is iid, with mean 0 and covariance matrix _: Sik+1􀀀 SikSik= ϵik+1 =pΔt_ik+1 + miΔt where E(_ik) = 0; Cov (_ik; _jk) = _i;j : We call the fundamental covariance matrix: it captures the structural relations between asset returns. We assume that is slowly varying over the period of interest. In the examples below, _ will be taken constant but in practice one may also incorporate some dynamics for _ in our model. In absence of market impact, the value of a buy-and-hold portfolio with _i shares of asset i, i = 1::n is given by: Vk=Σni=1_iSik and changes according to Vk+1 􀀀 Vk=Σni=1_iSik ϵi k+1 Institutional portfolios are often subject to a constraint {capital requirement, liquidity ratio, leverage constraint, performance constraint. If the portfolio is subject to a large loss in asset values, the constraint maybe breached, in which case the portfolio maybe deleveraged, i.e. some assets need to be sold over a shorttime period in order to comply with the constraint. This is the phenomenon of distressed asset sales or_re sales [Cont and Wagalath, 2013, Shleifer and Vishny, 2011]. Consider for example the case of a portfolio with initial equity /capitalE and subject to a leverage constraint Lmax; representing the maximum allowed leverage ratio. Initially VE_ Lmax: If the event of a loss of l (%), the leverage ratio increases from VE toV(1 􀀀 l) E 􀀀 l V It is then straight forward to show that if the loss exceeds a threshold l_=1VELmax 􀀀 VLmax 􀀀 1< l < EV then the leverage constraint Lmax is breached and the fund needs to deleverage, i.e. liquidate a portion 1􀀀 Lmax(E􀀀lV) V (1􀀀l) of its holdings. The volume of assets sold thus depends on the magnitude of the loss: Figure 1 shows the portion of the fund liquidated for a fund with initial leverage VE = 25 and leverage limit Lmax= 33 as a function of the loss l (blue line). In practice, the deleveraging policy may deviate from this simple linear example, but it qualitative features remain valid: the volume of asset sales is zero for losses below a threshold, increases with the loss size and saturates beyond a certain loss level (which represents total liquidation). We represent this through a response function f, which represents the proportion of the portfolio which is deleveraged, as a function of the portfolio loss (red curve in Figure 1).Thus, the fraction of the fund liquidated at period k in response to price moves isf(VkV0)􀀀 f(VkV0+Σni=1_iSikV0ϵik+1). We assume that assets are liquidated proportionally to the initial holdings (this assumption maybe relaxed, see next section). Liquidation of large quantities of assets has an impact on the market price: assuming this impact to be linear [Cont et al., 2014, Kyle, 1985, Obizhaeva, 2012], this leads to the following price dynamics, where the new 2

Figure 1: Example of fund liquidation as a function of fund losses terms correspond to the price impact of deleveraging where D_i represents the market depth for asset class i, estimated using the methodology proposed in [Obizhaeva, 2012]. Equation (1) gives a decomposition of the asset returns into a "fundamental" component and an endogenous -or self induced{ component which is generated by the fund's own deleveraging and depends on asset liquidity. This endogenous component is zero in 'normal' scenarios, but when the portfolio experiences large losses leading it to liquidate par of its holdings this term may become non-zero, generating larger-than-expected portfolio losses and an increase in observed correlations, as described below.

            As shown in [Cont and Wagalath, 2013], as ∆t goes to 0, the multi-period model described above converges (weakly) to a continuous-time limit described by a multi asset diffusion ('local volatility') model where the drift _ⁱ_t and the instantaneous covariance are given by where is the dollar allocation of the represents the positions we have denoted by the transpose of a scenario, the dependence structure of asset returns is (temporarily) modified: the realized covariance matrix is equal to the fundamental covariance matrix  plus a (liquidity-dependent) excess covariance term which depends on the volume of assets liquidated in each asset class relative to market depth. This generates larger-than expected losses and realized volatility for the fund, precisely in bad scenarios where it is compelled to engage in fire sales.

3. Liquidation adjusted VaR

As shown above, if a portfolio has large positions (relative to market depth), one cannot ignore the impact of possible liquidations on market dynamics when assessing the portfolio's risk. This impact is size dependent and, unlike usual risk calculations based on VaR or Expected Shortfall to a nonlinear scaling of portfolio risk with the size of its positions. Our model provides a systematic approach for taking into account liquidation risk when assessing the risk of a portfolio. As the following example shows, the resulting adjustments to portfolio risk can be quite substantial. Consider for instance a portfolio, with leverage constraint L_max = 33, initial leverage 25 and positions in three asset classes with independent returns, assumed to be Gaussian with respective annualized volatilities 10%, 20% and 30%. The market depths for these asset classes are taken to be $1,000, $100 and $10 Bn respectively. a benchmark, the estimated market depth for the SPY, the main ETF tracking the S&P500, is close to $1,000 Bn. We simulate a loss distribution for this portfolio using our model (1) and define the Liquidation-adjusted VaR as the 99% quantile of this loss distribution. Figure 2 shows that the price impact of liquidations leads to a fat tailin the loss distribution. Figure 3 displays the one-day 99% Value- at-Risk for the portfolio as a function portfolio size, when all notional positions are increased proportionally. Here, Value at-Risk is calculated over 10,000 scenarios and can be compared to a benchmark Value-at-Risk, based on (2), as commonly calculated by financial institutions.

            Whereas the traditional benchmark VaR is, as expected, linear in portfolio size, the liquidation-adjusted VaR computed using our model is not: it is convex as a function of portfolio size and is much larger than a linear VaR for large portfolio. The difference between the two numbers reflects the liquidity risk of the portfolio. For a portfolio with small positions relative to market depth, liquidity-adjusted VaR is close to a traditional VaR measure. However, for a leveraged portfolio with large, concentrated positions comparable to or larger than market depth, liquidation-adjusted VaR can be significantly (in our example, up to 10 times) larger than the usual VaR. The previous calculations are based on the assumption of proportional liquidations. In practice, financial institutions may choose other deleveraging strategies.

Figure 6 comparesthe 95% 5-month Value-at-Riskwithandwithoutliquidation adjustments, forapositioninCDX IG9, as afunctionof gross notional. Foranotional valueofaround $278 billion inCDX IG9, whichForwithisthesizeofthe London Whale’s positionsinQ1 2012, wefindaliquidation-adjusted Value-at-Risklargerthan $12 Bn, significantlylargerthanthe benchmarkValue-at-Risk, whichisoftheorderof $2 Bn. thedifferencebeingentirely attributabletoliquidation costs.Thissuggeststhatthe ”London Whale” lossescouldhavebeenanticipatedinamorerealisticmannerifliquidation costshadbeenproperlyaccountedforintheriskcalculations. 5 ConclusionWehaveproposedatractablemodelingframeworkfor  includingliquidation costsintheriskanalysisoffinancialportfolios: ourapproachconsistsinmodelingthe impactofliquidationondemand/supplyviaaresponse functionandaddingapriceimpacttermbasedonthisresponsefunctiontothebasemodeldescribingthedynamicsofas- 0 2 4 6 8 10 12 14 16 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 VaRforpositionsin CDX IG 9 Liquidity-AdjustedVaR ($ billion) Benchmark VaR ($ billion) Grossnotional ($ billion) Figure 6: 95% 5-month Value-at-riskfor positionsin CDX IG9 setreturns. Theseingredientsareblendedintoanoperationalframeworkforcalculatingportfolioriskmeasureswhichcorrectlyaccountforliquidation costs, exhibitnonlinearscalingwithportfoliosizeanddistinguishbetweenliquidandilliquid positions. In the particularexamplesdescribedabove, the’base model’isa (Black-Scholes) modelwithconstantcoefficientsandIID returnsandthe priceimpactislinear, butthisissimplyanexampleandboththeseingredientsmaybemodified.

For example, one may establish a pecking order in which various asset classes are liquidated; this is part of the Basel 3 requirements for financial institutions when establishing their ”living will”. For any such liquidation strategy, one may repeat the same analysis as above, and calculate a liquidation-adjusted loss distribution, which will then depend on the chosen liquidation strategy. Figure 4 shows that the resulting (liquidation-adjusted) portfolio risk depends on the chosen exit strategy. In this example, we see, as expected intuitively that it is more (resp. less) optimal to liquidate more (resp. less) liquid assets first than implementing proportional liquidations. This suggests, not surprisingly, that the risk posed by a stress scenario to financial institution depends on its plans for dealing with this stress scenario. In 2012, J P Morgan’s Chief Investment Officer (CIO) experienced losses over  $6billion while unwinding CDS indexpositions.  A major part of those losses materialized while liquidating positions in the IG9 CDS Index. According to the Senate report [U.S. Senate, 2013, JP Morgan, 2014], the positions of the London Whale inCDX IG9 reached $278billion in gross notional value, which accounted for fourty times the average daily volume for the index. Liquidation of the London Whale’s portfolio occurred between end of March and August 2012 and was expected to generate losses of around $500million, while in fact resulting in reported losses of $6.2billion. Reports on the CIO losses have focused on mismanagement, lack of transparency inside the organization, mismarking of positions and spread sheet errors [U.S. Senate, 2013]. But the way risk was computed and provisioned for was not the main focus of recommendations in any of the reports. Yet, according to the report by JP Morgan’s Management Task Force [JP Morgan, 2014], the risk of these positions was evaluated using a Value-at-Risk metric which scales linearly with portfolio size and liquidation risk was not provisioned. Figure 5 shows the one-year realized correlation between CDX IG9 and CDX IG10, two closely related indices, calculated on a rolling window. The breakdown of this correlation after March 2012, i.e.  when the CIO starts liquidating its massive positions in CDX IG9, is evidence of the market impact of CIO’s trading and suggests that the concepts of endogenous risk and liquidation-adjusted risk measureare relevant for this case. The liquidation of the portfolio lasted around 5months [U.S. Senate, 2013]. We use the length of the liquidation period, together with the size of the position, to calibrate the slope f(.) in (2).