Arms-length buyer and seller of advertising inventory offering execution services on behalf of publishers, marketers and/or agencies, and networks. The IMT may or may not offer additional services to buyers and sellers. The media trader may trade on its own behalf and may or may not bear risk as principal. Less common, the independent media trader may also trade continuously in specific market segments as a Market Maker. In its role as Market Maker, the IMT may or may not have special privileges and/or responsibilities granted to it by the publisher, ad exchange, and/or audience or contextual data supplier.