It’s been a little over a year since the Bank of England announced the launch of the foreign exchange trading mechanism (FEAT), a move designed to help the country’s banks withstand shocks and the economic impact of the Brexit vote.

The scheme, which has been criticised for being too reliant on central bank policy, is set to expire in March 2021, but its launch is a major boost for Britain’s financial system and the world’s second-biggest economy.

In the run-up to the launch, many banks warned the system could become too reliant, as many of them had already stopped using it and were looking for alternative ways to keep up with the rush of foreign exchange withdrawals.

The new FEAT will make the UK’s foreign exchange dealership system the biggest foreign exchange exchange dealer in the world, with an estimated $3.2 billion in transactions this year.

But the shakeup has also led to the bank’s biggest foreign currency dealer, Citibank, announcing that it would stop accepting foreign exchange payments.

Citibanks new foreign currency shifter is a disaster: it’s a disaster for Britain, a disaster to the rest of the world. 

The new foreign account shifter: a bad deal for UK banks that rely on the currency exchange system The new foreign investment account shifters will see a new $2.6 billion (£1.6bn) fund established to help fund investments in the UK, with Citibans $1.5 billion to be invested in the sector.

The foreign exchange dealer fund, which will be managed by the British Bankers Association (BBA), will be overseen by Citibats chief financial officer Matthew Cuthbertson.

This means that Citibanking will not be able to take any more deposits into the foreign currency trading system, which means that the UK has been hit by the first major loss in foreign exchange value since the Brexit referendum. 

Why is the foreign account shipper a disaster The British government has spent millions of pounds trying to make the FEAT work for the banks and their customers, but it has so far failed to get the regulator to enforce a set of rules that govern the trading system.

The regulator, the Financial Conduct Authority (FCA), has been criticized for being overly reliant on the banks’ interpretation of the FEATS regulations.

The FCA has already banned foreign exchange market clearing companies from clearing foreign currency transactions in the United Kingdom, and the FSA has also accused the foreign exchanges market-clearing company of breaching its fiduciary duty obligations. 

Citibanks foreign exchange policy change is also being criticised for the impact it is having on the rest in the EU.

The FCA announced that Citigroup will no longer be able pay its foreign exchange traders.

Citigroup will now pay its domestic exchange traders the amount of cash in their accounts as well as the cash they have deposited into the account, but will no long be able, under EU law, to pay them the same cash in the same way they paid Citibanked foreign exchange buyers.

This move is also a big blow to the banking sector, as the new foreign accounts shifters mean that the majority of banks in the country are now reliant on CitibANKs foreign exchange transactions, a major reason why their balance sheets are currently in a poor state.

Why is Citibat the biggest in the market?

It has a market capitalisation of $3,000 billion, according to the Financial Times.

The total value of Citibatt’s foreign currency trades is $1,521.5bn, or almost 30 per cent of the countrys total foreign exchange trade, the FT reported.

This is far higher than the market cap of any other foreign exchange broker, according the Financial Review, which said that Citbank is the largest in the business.

This compares to the market capitalization of Citigroup’s rival, HSBC, at $724.9bn.

The new currency trading mechanism is likely to have a significant impact on other foreign exchanges markets, particularly those in the Middle East, the European Union, the US, China and India.

In addition, the FCA will not only be able not only to stop Citiban foreign exchange purchases, but also foreign exchange transfers, meaning that CitIBanks foreign account market is likely be disrupted by a surge in foreign currency demand.

The Bank of France has warned that the new system is a “massive blow” to the UK. 

How will the foreign accounts shipper impact the foreign economy? 

It will mean that there will be a huge impact on foreign exchange prices in the British economy, according Alistair Macpherson, chief UK economist at Capital Economics.

This will mean the UK will lose its lead in the global market for the foreign currencies of the US and other countries, Macphers forecast