Newsletter No. 496

07 # 4 9 6 | 1 9 . 0 4 . 2 0 1 7 太空科幻作品中的異形，每多出現在遙遠的星球上；資訊時代的科幻國度裏，住着的則是 「老大哥」和各式各樣的受害人。 英國電視劇《Black Mirror》不是一面魔鏡，而是一個水晶球，呈示出科技將把人類聯繫至 一個危險程度，當中任由魚肉的是每一個普通人。 其中一集〈Shut Up and Dance〉中的老大哥或黑客（兩者其實沒有分別）全知全能，令人 不寒而慄。Kenny有次在網上看了些不該看的東西，過程被潛伏在他電腦中的惡意程式拍 下，他被幕後操控的黑客要脅參與一宗罪案。這宗罪案特別之處是當中每一個環節的參與 者遭遇都跟Kenny一樣，都有痛腳在黑客手裏，不順從的話醜事便會馬上在網上公開。 另一集〈Nosedive〉中，人們在社交媒體上給予和收集likes至荒謬地步，甚至個人的生存 及幸福也視乎社交分數。女主角對每天遇到的人都很友善，整天想着提升自己的分數。殊 不知一連串意外，令她分數直線下降，她登機被拒絕，在其他所有地方都被排擠，之後惡運 連連，幾乎世界末日。當我們的快樂是建築在其他人（不論熟絡與否）無時無刻的評價時， 社交媒體可以是一輛沒有剎車掣的快車。 〈Be Right Back〉探討的是生命可否由大數據取代的問題。Martha男友Ash因一次交通 意外身亡，Martha尚未走出悲慟便碰上一間公司，可以用Ash生前在社交媒體發布的每一 句說話，重組成Ash的聲音與話題跟Martha交談。Martha接着發覺該公司還可以從Ash的 數碼足跡、數碼指模等複製Ash的身體，模擬他的態度行為達百分百，她的男友「回來了」！ 這個故事提出一個問題：大數據是否可以解決人類的愛恨、記憶和生死等大問題？ 透過這個水晶球，我們看到科技的發展將來在社交、道德及哲學層面或會帶來甚麼挑戰。 從中窺探到的異形不是來自遙遠的星球，而是來自手機中。 Space-age sci-fi has been full of ominous planets inhabited by aliens. Sci-fi in the Information Age also has its dystopias of Big Brothers and earthling victims. The British TV drama Black Mirror offers up a crystal ball into the future when human beings are inter-connected by technology to the dangerous degree that the lives of many are easily wrecked. The episode ‘Shut Up and Dance’ could have been written by Edward Snowden himself. It is a chilling commentary on the omniscience and omnipotence of Big Brother or hacker, often one and the same thing. Kenny is a teenager who has viewed something online which he shouldn’t have. Through a malware on his computer, a hacker has filmed Kenny’s indiscretion and coerces him to take part in a crime. What’s special about the crime is that all of its perpetrators (a spectrum of ordinary folks) are in the same situation as Kenny, their scandalous secrets threatened to be posted online if they do not yield to the hacker mastermind. Another episode ‘Nosedive’ paints a tragic-comical dystopia in which people not only give and get ‘likes’ on social media but depend on the ratings they get for their convenience and happiness. Lacie tries to be nice and friendly to everyone in the hope of raising her rating a few decimal points. But through a series of mishaps she finds her rating nosediving, and Armageddon descends and drives her to the edge of disaster (she is refused boarding on a plane and in every other way socially ostracized). In a world where total strangers or mere acquaintances could decide your happiness, liaisons on social media easily slips into liaisons dangereuses . ‘Be Right Back’ is a dark meditation on where human life ends and big data begin, or vice versa. Martha’s partner Ash died in an accident. In coping with her grief, Martha stumbles upon a company which uses the words Ash had posted on social media to enable a synthesized voice to carry out conversations with Martha. Martha got hooked and soon finds that even Ash’s body and behaviour can be cloned through coding. She can live and sleep with Ash again. The drama asks if we have indeed solved the human problems of intimacy, memory and mortality in one go with reprogrammed big data. This crystal ball treats us to a long view of how developing technology may impact on our lives socially, morally and philosophically. The aliens, however, do not exist on distant stars but in the devices. T.C. 字 裏 科 技 / T ech T alks 黑色水晶球 Black Crystal Ball 託管服務是甚麼一回事？個人投資者也好，機構投資者也好，買入股票（包括ETF）、債券、 外幣等金融產品後大多不會拿回家中擺放，而是由託管人銀行代為託管。 小投資者多數透過股票經紀行或零售銀行買入股票，當交易完成後，股票會由有關經紀行 或銀行指定的託管人保存。如果客戶在一定期限內的交易達標，很多經紀行都不會收取託 管費；但大部分銀行不理客戶交易量多少都會收取託管費。 機構投資者會聘用專業託管人，因為除了買賣及存放外，專業託管人還會提供額外服務。大 學就其資產及退休金計劃的投資也聘用專業託管人。 大學委聘了專業投資經理，為大學的資產及退休金計劃進行投資。投資經理的表現，又由大 學聘用的託管人監察。這些投資經理需要不時就買賣的細節與託管人聯繫，以確保大學的 利益是他們的首要考慮。託管人也會代證券的實質擁有人（即大學）保有那些實體證券，直 至收到投資經理的出售指示為止。審計師也會根據託管人的報告審視大學的財政狀况和 撰寫審計報告。 託管人銀行不單止保存，而且更提供多種服務，包括量度表現及撰寫報告、分析風險、評核 投資經理是否有按投資管理合約進行買賣等。投資市場不斷發展，產品愈趨複雜，為了提 高資產管理的效率及透明度，本地的大專院校包括中文大學，正計劃檢討聘用託管人銀行 的做法。 對主權基金、家族基金和對冲基金等機構投資者來說，聘用一間或多間專業託管人銀行有 多個好處，這點下期再談。 Custodian service is a specialized service offered by a custodian bank for safeguarding the financial securities of individual and institutional investors. Stocks (including ETFs), bonds, foreign currencies, etc., are common types of financial securities that may make use of custodian service. Most retail investors buy stocks via stock brokerage firms as well as retail banks. After the sale and purchase is completed, the stocks are kept by the designated custodian of the stock brokerage firm / bank. Many stock brokerage firms will waive the custodian charge if the customer has reached a certain amount of trading activity over the measuring period but most banks do charge a fee from the customers irrespective of their trading activities. Institutional investors employ professional custodians that will bring additional benefits over that of buying and safekeeping the securities. The University did the same for its endowment and retirement investments. Trading activities in connection with the endowment and retirement investments of the University are carried out by the professional investment managers engaged by the University for the purposes. How well these managers are doing their job is monitored by the custodians employed by the University. The investment managers are required to communicate frequently with the custodian about the detailed transactions so that the interests of the University are always their priorities. The custodian will also keep the physical securities on behalf of the beneficial owner (the University) until there is a sell instruction from the investment managers. The auditor also relies on the custodian reports for their monitoring and reporting of the University’s finances. New services are being offered by custodian banks. Many are providing performance measurements and report generations, risk analysis, whether the transactions from the investment managers comply with the investment management agreement, etc. For better management of their funds in terms of efficiency and transparency, many local higher education institutions including CUHK are planning to review the custodian service they procure in an increasingly complex and developing market. For institutional investors including sovereign funds, family funds and hedge funds, there are other important considerations or benefits of using custodian banks or multiple custodian banks, to which we will return in a later issue. 財 金 淺 趣 / F inancially F riendly 託管何事？ Custodian Service