The first time the floor of a bag is visited, the visitor feels a certain disappointment. Despite what you have routinely seen in movies, despite all the literature on how the stock market works, there is no one there buying or selling with passion. There are no excited auctions or desperate brokers to close trades. The space (if you go to the Madrid Stock Exchange, for example, it is a place of noble woods and stately airs) is silent and calm, with screens where you can see how the prices of stocks are changing. If someone wants to experience the thrill of an auction, they should actually go to a fish market and attend the moment when the raw material that the fishermen have brought is sold. The purchases and sales of securities are fully digitized. Everything is played on the net and the difference nowadays between making better and worse plays is, as Michael Lewis explains in Flash Boys , in elements as surprising as being more or less close to the main node of a route of fiber optics or how fast the network is that connects the broker with the stock market servers (in fact, one of the protagonists of its story is the entrepreneur who deployed a private fiber optic network linking markets). And not only that: buying and selling of stocks is no longer just a matter of what analysts say, the markets that present better prospects or the growth plans that give more confidence to investors. Now algorithms and formulas that are far from all those criteria come into play that make the world go faster, much faster, in fact.

Purchases are made with what are known as high-frequency tools (the same ones that caused the Flash Crash in 2010 and are one of the risks of big data ), which move amounts of stocks quickly and make buy and sell decisions in milliseconds. . The stakes are high, of course, in operations like these. But the payoffs are fabulous, princely. High-frequency buying started on the stock market, but it hasn’t stopped there. Many other services work under bidding systems (which is what happens in the stock market) and therefore many other markets can import the model. And one, silently, is already doing it: the  Greece Whatsapp Number List   of online advertising also works under the model of high frequency. How does it work Who is in charge of making high frequency purchases in the world of online ads? The control of this new type of movement in the online advertising market is not in the hands of the traditional ad buying and selling agencies, but rather in the hands of those who Bloomberg , who has drawn the profile of these new characters in the world of online advertising, has been baptized as ‘arbitragers’, arbritajistas , in its translation into Spanish. The term is applied to those who are dedicated to buying and selling securities taking advantage of the price differences between them. As arbitrageurs do in the world of the stock market, those in the world of online advertising take advantage of the system, prices and even technological flaws to get the best profit.

These new characters in the world of advertising buy millions of online ads (and take advantage of the fact that advertising sales services benefit large purchases) and then sell them at a profit in a time in less than a rooster crows. Your buying and selling operations at a better price do not take more than a tenth of a second (very much in the style of flash purchases on the stock market). These new intermediaries also make everything change hands very quickly and move their ad packages around the network. They buy the ad space in one ad exchange and then take it to another, where they resell it more expensively. They do, as one expert in internet research explains to the American media, “a lot of guys.” They take advantage of the auction and bidding system that controls the Internet advertising market and the certain opacity (or rather, the few rules of the game) that limit or control the purchase and sale of Internet advertising. There are many auction spaces for ad space and at the same time they are all independent of each other (and separate businesses), which creates a very large space to buy and sell. What they do is not exactly illegal, although they are distorting the market for their own benefit.

These new sellers also get privileged positions compared to the more traditional advertising agencies because they have understood how the network changes the system. When you think about the Internet, many times you forget that the network is something physical. There are pipes and cables, data centers, connection points, networks of better and worse quality. It is not the same to connect to the internet with fiber optics than using traditional telecommunications networks: the fiber offered by cable companies is faster and has more capacity than ADSL (hence the offers of cable operators cannot be beaten in terms of speed by those who offer ADSL). If this already works for Internet end users, it works even more for companies and for those who make speed in their online actions the key to their business success. Having a state-of-the-art connection or being closer to the geographic location of the server of the auction firm from which you are going to buy (which will cause the purchase order to arrive a few thousandths of a second before and, Although it may seem like a lie, it makes a difference) can make one or the other in a more or less comfortable situation to get the best operations. And, furthermore, and as some of these arbitrageurs explain to Bloomberg , the agencies have not yet been able to bear the full load of information that this new panorama is creating: they are not yet able to process all the offers and find the weak points. in prices (as they do). All these hassles are worth it.

Considering that a fifth of Internet advertising is sold through bidding systems and that it is a market of 64.900 million dollars, the bite that can be taken from the cake is quite wide. Chinatown vendors Bloomberg has managed to reach out to one of these vendors, who operate out of a discreet building in New York’s Chinatown and who spoke to the outlet on the promise of anonymity (the fear of being expelled from the online ad spaces in which they operate is the reason for the secrecy, although those responsible for the online bulletin boards know – and say – that limiting their operations is very complicated). The firm has 10 employees who, in an average day, buy and sell a total of about 500 million online ads. The company is lucrative. Taking only the work of two of their traders , who spoke to the economic environment, they make tens of thousands of dollars in income every day and achieve profit margins of 60%, a fairly high figure.

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