Thanks to the Facebook IPO fiasco, the parochial practices of the U.S. IPO Market are now obvious to all. It's ironic that a leading technology company built on high speed servers and open social interaction would allow its public debut to be damaged by the outdated mechanisms of our IPO market, including NASDAQ's trading snafus and selective information disclosure. Facebook has become a dominant social network by encouraging all participants. Facebook would not permit its social network to be hijacked by a few bullies. Why do our regulators allow the IPO market to be destroyed by thuggish institutional traders with advantaged computers and information? Market participants need a good Facebook-style hacker session to modernize the trading inefficiencies and correct the information asymmetries that hurt the IPO ecosystem.
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