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Please give short answers for the listed questions [6 marks]. There was an announcement (No. 2021-10) released on Australia Reserve Bank of Australia website on

Please give short answers for the listed questions [6 marks]. There was an announcement (No. 2021-10) released on Australia Reserve Bank of Australia website on 4th June 2021, that regulators expect Australian institutions to cease the use of LIBOR in new contracts before the end of 2021, when LIBOR surceases. Please give short answers to the following questions.

6. What are the big challenges for the transition away from LIBOR?

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