This podcast episode explores the evolving state of markets and the impact of routing orders on algorithm performance. It delves into the use of algorithms in trading and the different market structures in Canada and the US, with a focus on the volume weighted average price (VWAP) algorithm. The discussion also covers the role of sell-side traders in managing block trades, the drawbacks of 24-hour trading, and the importance of understanding trade settlement. The conversation expands to touch on options trading, the future of global capital markets, and the importance of efficiency in capturing dislocations. The speakers also discuss market trends and opportunities in various commodities. The section concludes with lighter topics such as the speakers' love for surfing and their experiences in Portugal.