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By now you're well aware of programmatic advertising and its effect on the market place. Publishers have also been setting up private exchanges that utilize many of the same elements of an open programmatic exchange, but allow them to offer one-to-one ad opportunities in a more exclusive setting. Private ad exchanges are still sold programmatically, but publishers have more control over pricing and who's doing the buying. Private exchanges are a bit of a hybrid when it comes to pricing. They can still be auction-based, or a preferred deal, but their exclusivity necessitates negotiated rates. Publishers can set a floor price for protection, but simply letting buyers bid on inventory won't necessarily maximize yield.