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Orders across exchanges
A trader sends identical orders to distinct exchanges, with at least and at most orders on each exchange. How many allocations are possible?
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Hint
Remove the minimum first, then subtract allocations that break the upper cap.
Solution
- Subtract from each exchange: with .
- Without the upper cap there are solutions.
- A violation has ; setting aside leaves to place, giving , and exchanges give .
- Violations on more than one exchange at once are impossible because .
- Subtract: .
Answer: