How Facebook Says Its New Ad Exchange Will Work ?



Facebook announced a new "real-time bidding" ad exchange system for buying ads on the network today. We understand the exchange is enabled through browser cookies, giving users several easy opt-out options if they do not want to be targeted by advertisers using the exchange.
The exchange only features standard display ads, not sponsored stories or premium ads. Thus users can't buy Facebook's mobile-only sponsored stories, also launched recently.
Here's how a Facebook spokesperson described the new service to us:
Today we announced the Facebook Exchange, which will enable real-time bidding on Facebook. Real-time bidding is a process that lets advertisers bid in real time on a specific ad impression. This means that advertisers can deliver more relevant advertising in a timely manner at a scale not possible before.    
There are numerous existing third parties that help advertisers to do this across the web today. By bidding on a specific impression rather than a larger group, advertisers are able to show people more relevant ads while also running more efficient and effective campaigns.    
For example, a travel site may be interested in reaching a person who searched for a flight but did not complete the purchase. With Facebook

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