The London Inter-Bank Offered Rate (LIBOR) has been described as the most important financial number. LIBOR is an essential component for the international financial markets, a statement proven by its widespread use worldwide. By the beginning of 2021, it was estimated that LIBOR underpinned financial contracts worth approximately US$ 200 trillion for products such as syndicated loans, bonds, and derivatives. However, in 2017, Andrew Bailey, former chief of the Financial Conduct Authority (FCA) of England, announced a transition to discontinue LIBOR after 2021. Since this announcement, the international financial markets have led a challenging transition away from LIBOR…
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