Here's A Diagram Of How Facebook's FBX Ad Exchange Works (FB)

BMO Capital Markets analyst Dan Salmon did the world a favor on New Year's Eve when he published a note to investors that included a diagram of how Facebook's ad exchange, FBX, actually works. FBX is a real-time bidding ad exchange in which advertisers drop tracking cookies on users' browsers as they surf the web -- shopping, for instance -- and then retarget those users with ads once they enter Facebook, perhaps to remind them to come back to the sites they were shopping on. The end result for ...