The Rise and Fall of Audubon

Audubon was the name of the electronic trading platform at Deutsche Bank. I think the real innovation that Audubon did was one click trading. We eventually did with, it was kind of like set up various limits for the ebook. And then above those limits, the excess kind of like went into the human traders. That's the first model that happened in the early 2000s. Over time, those risk limits got increased, increased increased for the ebook and actually the interactions between the human trader and the electronic traders changed.