Algorithmic trading means the same in chicago new york tokyo hongkong or london. Even in singapore and sydney. Same thing: slicing the order to minimize the impact
Max was a fresh out of college graduate at the time, so his usage was a bit off. Knowing this distinction is a sign of actual experience on the street.
However, loads of people (and, according to Max’ document, Chicago) refer to automated trading as “algo trading”. Cue the descriptivist vs prescriptivist linguist debate.
"..is a type of trading done with the use of mathematical formulas run by powerful computers.."
"..makes use of much more complex formulas, combined with mathematical models and human oversight, to make decisions to buy or sell financial securities on an exchange.."
[1]: https://www.investopedia.com/terms/a/algorithmictrading.asp
Ps: In simple english, I go to work, that thing makes profit (if done right). I go to sleep, that thing makes profit. Someone important twits, that thing either makes profit, OR goes bust.