now, tom joyce is the second dshl tom joyce and knight are competitors on the nasdaq, right? >> right. they definitely are. >> and he's the second larger shareholder. i just want to make sure to be major competitors. >> there's no doubt about that. we certainly brought that up on the air, that tom joyce has a 20% stake with knight capital in direct edge. the bottom line comes to this. tom joyce reiterated the fact that he does not like this deal. it's not enough money. money amounts have been thrown around, whether it's 100 or $200 million, nasdaq setting aside 40 million, giving rebates, in essence, making you trade with them to get the discounts. that's an issue all unto itself. the point comes now. what does knight do? do they go to court? tom says he's going to do everything in his power to avoid going to court against this. how much does nasdaq end up on the hook if there is substantial legal action that takes place? and knight does a substantial market making business. can they take that business elsewhere and is that another way that they can hurt the nasdaq potentiall

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we have a first on cnbc interview with tom joyce and his firm lost millions trading the facebook ipond he will react to the nasdaq's compensation plan and luxury falls flat. how you should be trading today's plunge. welcome to the halftime report. there is lots to trade today and let's start doing it and get straight to the feds. steve joins us to break it all down. just as he told us days ago would be the case, the fed chairman certainly not as outwardly committed to more easing as some of the members of the fed are. >> a little more circumspect if you don't mind repeating myself. it is a little like a fly ball where you want the guy to go halfway to second base and not all the way. i think after janet's comments last night the market was certain the ball was going to drop. i think when you hear him talk, the chairman talk about employment, he is not clear the weakness is definitive. we have guys out there, guys who i respect deeply saying lou krandal yesterday, 75% chance of more qe and bruce kaz man from j.p. morgan saying it is a done deal. i think it may not be a done deal. you

this will be almost the last report given by joyce zhang and karissa tom. go ahead. student delegate zhang: we have nothing to report. our last meeting was the monday after school let out. we are enjoying summer and we are ready to reconvene at the start of next year. student delegate tom: we could not leave these meetings. we love them and that is why we are staying for the summer. president yee: i want to take this opportunity, because, as i understand it, karissa, you will not be able to make the last meeting. i really want to wish you well. all of us here have been very rewarded that both of you have been on the school board of student delegates. he really do enrich what we are able to capture and hear from students. you have done a lot in communicating your thoughts, not only your thoughts, but the thoughts of all of the students that you are surrounded with. once again, i deeply appreciate your 1 year of work on the school board. thank you very much. [applause] by the way, i think you should just make cookies and the rich. -- and be rich. karissa made her own c