RBC takes European traders to the Endgame
The Canadian bank’s complex execution algorithm, increasingly popular with traders stateside, is making landfall in Europe. But the region’s fragmented markets mean adoption is not simply a matter of plug-and-play.
Scaling complexity is difficult.
In 1950, American mathematician and father of information theory Claude Shannon estimated the lower bound of the number of possible legal chess games to demonstrate how complicated the game was. Using the assumption that on any given move a player has roughly 30 legal moves on average, and the average game lasts around 40 moves per player, Shannon estimated the number of possible game sequences as 10^120, or 1 followed by 120 zeros.
For comparison, the number of
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