bob greifeld just leaving his press conference announcing this news. e agenda today this news was not on the agenda. are you crashing the party with this announcement? greifeld: thanks have an me. we are crashing the monopolistic party. you have a competition somewhat limited. we are here to say that a horizontal, open, competitive model is better. it is interesting that we have most leading participants partnering with us. betty: you have jpmorgan, goldman sachs, morgan stanley. how do you plan on grabbing market share? other exchanges have tried to go into other markets with a not so great success. bob greifeld: horizontal clearing is a bedrock principle. if you have open interest in a clearinghouse, other trading venues should access that. senior management want to create an environment with air or not locked into a vertical silo. that is the underlying proposition. we are fortunate to be partnering with occ which has a low ceiling for clearing. we have broad support. over 85% of the marketplace. you have never had an upstart start with this amount o

bob greifeld. yes. charlie: i love bob. >> who do not? bed bath who does not? liz: we've got a fox business flash here. live long and prosper. canadians, have you heard about this, they're paying tribute to the late actor leonard lee moi by spocking their 5-dollar bills known as luny. the canadian dollars. right? here's one before. they're taking this banknote that shows former prime minister wilfred and drawing nimoy's famous star trek character spock. apparently this is very easy to do and people are doing it. the bank of canada not mused. it's warned people to stop spocking. do not deface the 5-dollar bills. i love that story. i want one. someone send me one. i'll send you $5 back. are we at parity with the canadian dollar? comcast nbc universal announcing it will launch an online subscription. it tries to capture young online viewers that have been leaving traditional tv cable models. cord cutting. it's boosting stocks like tivo. tivo jumping by 2.5%. up 28 cents. tivo getting a big boost. (?) why? it's very involved in trying to straddle the difference bet

joining us, bob greifeld, good to see you. >> it means something to people.ans really that you see, in my mind, the new economy. which we talked about 15 years ago has really become the economy. when you look at the nasdaq deposit, these are the companies that have driven our economic growth and our best position to drive the economy going forward. so it's an important barometer to how the overall economy is doing. >> on a day like nasdaq 5,000, everybody wants to know whether or not we're in a bubble. i'm guessing you're going to say no, most don't think we're in a bubble. from your perspective, what is the number one reason why we are not. >> you have to look at the earnings multiple first and fore most. back in 2000, it was 180. that was for companies making money. today, it's in the mid-20s. all right. so dramatic difference. if we had the same multiple, we'd be at nasdaq 30,000 today, nasdaq 5,000. it's a different set of circumstances. >> the components of the deposit have also changed. >> right. >> they're 2500 or so components, a little bit more than

bob greifeld on that pacific topic and so much more. they hit nasdaq 5000. the i watch. we have the future is to have in just the past 24 hours ate a complete 180 on her opinion of this. you have two wait until you hear what she says. the specific way that made her change her mind about the apple watch. you should land to give fired at least once. at the end of the day it is all about money. ♪ your mom's got your back. your friends have your back. your dog's definitely got your back. but who's got your back when you need legal help? we do. we're legalzoom, and over the last 10 years, we've helped millions of people protect their families and run their businesses. we have the right people on-hand to answer your questions backed by a trusted network of attorneys. so visit us today for legal help you can count on. legalzoom. legal help is here. so what about that stock? sure thing, right? actually, knowing the kind of risk that you're comfortable with i'd steer clear. really? really. straight talk. now based on your strategy i do have some

they're going to hear what the ceo of the nasdaq bob greifeld has to say about hitting that 5k milestone a moment of that. we've got some breaking news to get to on rbs with kate rogeers. >> that's right. "the financial times" is reporting the royal bank of scotland is aiming to slash as many as 14,000 jobs. now, rbs refuses to say how many jobs will be cut out of the 18,000 people that work for its investment bank. this is part of a restructuring plan dubbed project brown that they had announced last week. "the ft" is sourcing people familiar with the matter saying four out of five jobs in the unit could be slashed by 2019. back over to you. >> wow. thank you very much. following that story as we discussed last hour with the ceo of mizuho usa buying up a lot of assets there. the national dak retreating from 5,000 today. my next guest says don't worry, this isn't your father's nasdaq. what does he mean? we'll find out straight ahead. later, tony robbins laying out his seven steps to financial freedom in his first book in nearly 20 years. he'll join me here at the new york stock exchange

but we have an exclusive with the nasdaq ceo bob greifeld.'ll get his take on nasdaq 5,000. check out alibaba, it's $80 a share, down by more than 4%. we're going to solve the riddle what going on with baba tonight. >> no hot cakes, you aren't going to solve the griddle. >> i rolled my eyes. >> of course you did. thank you for watching. go to powerlunch.cnbc.com. "the closing bell" starts right now. >>> and welcome to "the closing bell," everybody. i'm kelly evans here at the new york stock exchange. and welcome back. >> thank you. i'm bill griffeth. allegedly you closed above nasdaq 5,000 yesterday for first time. >> you missed the big day. it looks like we'll have another day to close above 5,000. >> somebody apparently took a stop watch to it and we were above 5,000 today for about 45 minutes and then it fell below that. we've had this sell-off today on wall street for a number of reasons but we're wondering if we can turn things around. the dow -- the nasdaq right now is down 30 points. the dow was down 150. it's off

bob greifeld say what you do at cme and what they do at the intercontinental exchange is monopolistice competition or what do you say? >> i say to bob i welcome the competition. it's not mon nop elastic. the markets are open to everybody. you can't just do a me too, strategy. that does nothing for a capital intense tiffive marketplace. what is your value add that you're going to have by listing these products? i don't believe he has any right now. we have so many different things that we can do by cross margining our asset classes and saving customers tremendous amounts of money in a very capital intensive world we live in. >> how much of this is also to some degree regulatory confusion, even barney frank admits one of his regrets about the creation of dodd/frank is that they left the regulatory environment too complex. there are too many regulators overseeing too many markets. they should have solidified it a little more. what do you think about that? >> i'll go back to around 2003-2004 when we had -- that took years in order to get to the next level. i think we're seeing the same th