MASS Exchange

This version is in Beta, there may be issues we're still working out.

Authentication

All requests to the MASS Exchange API require authentication. To prove authentication, clients must include a token in their request header.

Authentication Endpoint

Method URL Data Response
POST /session {username: "Bob", password: "password"} Authentication Token String

How to Authenticate

  1. POST your login information to the endpoint noted above. The response will be a string that will serve as your Authentication Token
  2. Send the token with every request by including it in your request header under the field X-Auth-Token

Tokens time out and expire after 30 minutes if no requests are sent with it within that period.

Accounts, Teams, Users, Roles

Accounts

MASS Exchange supports multi-tenant SaaS usage through the establishment of Market Participants that separate access for most objects. All actions within MX are restricted to the scope of the Account in which the requesting user exists.

Teams

Teams are collections of buyer market participant users with permissions for specified campaigns. (seller market participant users do have teams) A user's role is specific to each team they are a member of. A user does not have to be a member of any team. Only members of a team can access campaigns assigned to that team.

Users

Every action in MX is completed by a User. Only a Market Participant Admin User can create or edit another Market Participant Admin User.

Roles

Every User must be assigned a Role, which determines the User’s rights to read, edit, create and delete Objects.

Key Concepts

MASS Exchange Media Trading

MASS Exchange is constructed to provide fully electronic and cost efficient executions of media transactions. MX’s trading platform offers US publishers, networks, agencies, and advertisers access to a fair, open, and neutral market place with diverse order flow. The platform is scalable, reliable, and designed for the messaging rates of today’s trading environment.

Key concepts

Inventory

For sellers, the MX platform provides the ability to identify every combination of ways and packaging that any single insertion opportunity can be sold. Inventory is created from the sellers' forecasting platform, ad server for display and trafficking for TV. Each MX inventory item is a representation of a forecast for an ad insertion opportunity.

Catalog

The catalog is a collection of all the possible combinations of ways in which any single insertion opportunity can be priced and offered. Each catalog record represents a combination of audience and placement attributes. The catalog stores each inventory representation along with its price.

Sellers search the catalog for offers to expose into the market.

Inventory is represented in multiple catalog records simultaneously. The catalog also stores and manages the overlaps across catalog records in relation to their underlying inventory.

For example, a single catalog record can be sold in multiple deal types, guaranteed and not guaranteed. As one of the combinatorial ways of selling inventory, the catalog manages multiple deal types and their associated business rules.

Pricing Engine

The pricing engine applies user set pricing rules to maintain and update the prices of catalog records based on pricing rules. Pricing rules include categories such as placement attributes, audience attributes, date, proximity to flight, and sell-through rate.

The pricing engine automatically applies rules to price new inventory and continuously updates the prices of existing inventory based on changing conditions.

Markets

MASS Exchange does not use a second price auction market model. Instead, our matching engine is used to examine buy and sell orders to determine how and when they should be matched.

Markets represent transaction environments defined by users. There are two major types of markets, the open market and user created markets.

The open market is available and searchable by all MASS Exchange market participants. Orders in the open market will match any counterparty that is not blacklisted.

User created markets are markets whose members are defined by the creator of the market. Only participants in a specified market can search and submit orders to that market. A user created market can be as simple as one buyer and one seller, a private deal. A user created market can also be one seller to many buyers, many sellers and many buyers, or one buyer and many sellers.

Two Sided Continuous Markets - MASS Exchange markets use a two-sided continuous market model. This means that there are offers to sell specific insertions with a specific amount at a specific price and offers to buy insertions with the same attributes. In continuous markets, orders remain open until they are cancelled or expire.

Orders

Orders are offers to buy or sell insertion opportunities based on a deal type, specified date(s), placement attributes, audience attributes, quantity, and price.

Orders are submitted to the market and are processed by the matching engine.

Matching Engine

The matching engine processes buy and sell orders in real time as they are submitted to one or more markets. The matching engine examines each individual order along with associated business rules to match them with the appropriate buy or sell order.

Upon receipt of an order, the matching engine will validate and route orders to the appropriate market instance. Once the matching engine receives an order, the order’s price is compared with resting limit orders in the book. If a match can be consummated at a price within the limit price, the orders will be executed.

Orders resting in the book will be matched in price - time priority.

Order Types - The MASS Exchange matching system only accepts limit orders at this time.

Portfolio

The portfolio is the buyer's view of successfully matched buy orders. After orders are created in campaigns and submitted to the market, the matched orders result in an executed transaction.

Trading Hours

There is one trading session during each trading day. The session begins at 9:30 a.m. ET and operates until 4:30 p.m. ET.