The Programmatic Guaranteed Order Book

One of the main differences between the auctions of ad-tech and fin-tech is the CLOB  - Central Limit Order Book. Unlike an RTB auction where bids are received, a winner is picked, and all bids vanish, in a MASS Exchange auction, bids are submitted, collected into the CLOB, and persisted until a match is made or the order expires. Since MASS Exchange provides buyers and sellers the ability to programmatically transact guaranteed advertising inventory, the auctions do not represent impressions that are about to expire and orders to buy and sell can persist. Applying our innovation, the separation of the audience and ad placement components of a transaction, allows us to rest sell orders from multiple publishers on the same CLOB without commoditizing the inventory or artificially driving down the price of the transaction as other auction models do.


With a CLOB at the core of the exchange, price discovery and market data can be provided to both buyers and sellers so that each can understand the market price at which their desired transaction will clear. That's a big difference between us and RTB. In our market, a buyer or seller knows at which price they can find a counterparty before they enter their order, and if they don't like that price they simply choose another. Beyond price discovery, the MASS Exchange also provides the first advertising exchange environment where multiple buyers compete along with multiple sellers, in the same auction. Now that's a market! Both sides compete.

MASS Exchange allows the 'invisible hand' of the market to enable advertisers and publisher to determine what prices should be in a level-playing-field environment. Adam Smith would approve.