Exchange Invest Weekend Edition 2635: Fuel For Resurrection?

Patrick L Young
7 min readApr 15, 2023


“ICE” resurrected by synthetic fuel? Minimum booze prices, Albanian tunnel town, ugly confusion of slavery, USA-USSR, waiting for the DMV.

Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.

Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.

This weekly edition is a magazine of broader macro topics as well as including our free weekly podcast which reviews the highlights of the week in the world’s market structure.

On this day in 1819, trading on Oslo Børs commenced.


From Exchange Invest 2632: April 12th, Wednesday:

A Germano-Italian pincer movement has killed off the EU death sentence for the internal combustion engine in the name of net zero fuel substitutes. Throwing the internal combustion engine out is pretty daft in terms of recycling (but probably no more daft than the endless rounds of new car subsidies which made zero sense when you consider the waste involved of new production and often quasi-pointlessly scrapped old vehicles).

Anyway the point is zero emission fuel is just over the horizon. F1 will use carbon neutral synthetic fuel by 2026. The fuel exists, it just costs about $10 or more per litre right now. However, if the obstructionist tentacles of government could butt out of the economy and let innovation do its thing… QV Boeing 747 economy tickets were around $550 when the Jumbo first flew TransAtlantic — the equivalent of circa $6000 now while TransAtlantic economy tickets are a fraction of that price in absolute terms.

That’s not to dismiss electric vehicles either but throwing out the entire infrastructure of internal combustion was never an intelligent move. The bitter issue about the current EU moves by Germany is that it seems the blob is already picking winners…and as we know supranational bodies can (with the best will in the world) always find the dud and sidestep the thing which works in the end.

For those fascinated by the future of transport, it is obvious that politicians are, from every feasible angle, ‘passengers’ in the project. The internal combustion engine will soon get eco-friendly fuels. While electric wotsits make a lot of sense as part of the automotive mix, the death of the conventional vehicle is a long way off. Meanwhile, for those of us who love a vehicle with a sound pedigree — bravo the Bentley Drivers Club for making a proper PVT Bentley run with gusto on synthetic fuel last month.



Season 17: Episode 06: IPO-VID Livestream 102

“Jim Oliff — Markets In Electronic Transition”

A recent inductee into the FIA Hall of Fame, Jim Oliff was a member of the CME board of directors for some 30 years. As Chairman of the exchange’s Strategic Planning Committee, Oliff played a leading role in CME’s journey from a member-owned organization to a demutualized exchange, and the first publicly traded marketplace in the United States of America.

Jim helped to guide the exchange’s brokers and traders through the critical transition from open outcry to electronic trading as chairman of the Electronic Transition Committee, spearheading the creation and build-out of the Globex Learning Center. He also chaired the CME Clearing House Risk Committee, introducing the clearing of interest rate and credit default swaps, and chaired CME’s Professional Responsibilities Committee, leading a program that became a model for exchanges nationwide.

Watch the stream on:





In IPO-VID Episode 093: Patrick Young was joined by “the Streetwise Professor,” Craig Pirrong.

Listen to this interesting episode as the “Streetwise Professor Speaks.”

Now available from multiple different podcast sources including:

Anchor Spotify
Google Podcasts
Apple Podcast


NSE IPO delayed once again

Welcome To Generation HIG crazy name crazy guys…

The Exchange Invest Weekly Podcast 189


20 years on from the first fintech bestseller “Capital Market Revolution!”… “Victory Or Death” is a must read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.

Available worldwide.


Generation HIG

Let’s set the scene with a quotation from the latest John J. Ray FTX bankruptcy report (09/04/2023):

“Despite the public image it sought to create of a responsible business, the FTX Group was tightly controlled by a small group of individuals who showed little interest in instituting an appropriate oversight or control framework. These individuals stifled dissent, commingled and misused corporate and customer funds, lied to third parties about their business, joked internally about their tendency to lose track of millions of dollars in assets, and thereby caused the FTX Group to collapse as swiftly as it had grown. In this regard, while the FTX Group’s failure is novel in the unprecedented scale of harm it caused in a nascent industry, many of its root causes are familiar: hubris, incompetence, and greed.”

It is genuinely tough to get through this 45 page report without thinking — it was probably ready April 1 but nobody could publish it as it would lead to questions of truth… I truly doubt this was the case but on a full read, it’s easy to argue. Essentially nothing worked as it ought at FTX leading the liquidators to term the management as being driven by “hubris, incompetence and greed.” Welcome to the HIG generation…

Everyday we cover the ongoing turmoil of BTC, crypto et al in our daily “Bitcarnage” section of Exchange Invest, for more details on a free trial to our premium newsletter of the bourse business delivered to your Inbox daily, DM a reply to this newsletter saying “30 day trial, please

Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.


Have Combustion Vehicle Sales Already Peaked?
Visual Capitalist

PLY: There is a binary debate centred around does internal combustion die yet I think it might be about to make a glorious resurgence with clean fuels on the horizon. Note the EU being strong-armed by Germany and Italy into what amounts to death to the slightly silly banning of ICE vehicle production in the next decade or so (see BigWorld below). Interesting times…


As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!

Did Scotland’s Minimum Alcohol Pricing Work? A Look At The Data
The Spectator

Poor Albanian Town Pins Tourism Hopes On Communist Tunnels
Yahoo Finance

Capitalism Not Slavery Made Britain Rich. It’s Time We Stopped Apologising For Our Past

Late Soviet America By Harold James
Project Syndicate

The Corruption Of California

“You, tender reader, might be scandalised by the ways of California’s DMV, but such a response is a hangover from another era. Under conditions of bureaucratic dysfunction typical of a party-state, corruption isn’t a problem, it is the solution. These new populations have found ways to get things done. Bribery is more efficient (and far less crazy-making) than clinging to first-world expectations in a world that has changed. For my part, I am sincerely grateful for the services of Smog Lady. Diversity is our strength.”


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You can also check out the “Reflections From Young’s Pyramid”, it illustrates the relative value of exchanges around the world.

Or the “ICE Cost of Borrowing 2020–2022” An Interest Rate Comparison, which illustrates the end of the funny money era of QE and how interest rates have already had a major lurch up from their previous region of zero to, even negative, levels.

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Catch up on Monday for Exchange Invest 2636…

The future continues in the water cooler of the bourse business…

- Patrick



Patrick L Young

Entrepreneur, Investor, Author. #Exchanges #Fintech #Startups #Motorsport Emerging Markets. CoFounder @Exchange_Invest @HanzaTrade @MissionToRun @YMarkets