Since the loss of liquidity in the inter-bank market following the global financial crisis and more recently the emergence of LIBOR-manipulation concerns, regulators have announced plans for reforming benchmark rates. Given the deep reliance that world markets place on LIBOR, there has been some reluctance to embrace change. The announcement made in July 2018 confirms that banks would no longer be required to participate in LIBOR rate setting from the end of 2021, which has triggered a rapid re-examination of the issues required to be resolved in order to allow the markets to transition into a "post-LIBOR" world.