Just how tough can it possibly be to successfully stage an IPO, at a time when the bulk of trading on the nation's equity markets is automated? And when it will only get more so? The failure of the Facebook IPO has so rattled investors that it has become a totem of their lost faith in the orderly functioning of capital markets.

The Tabb Group, in fact, surveyed 175 members of investment management companies, hedge funds, brokers, exchanges, alternative trading systems and liquidity providers about the after-effects of the botching of that much-anticipated initial offering to the public of Facebook shares.

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