In the years following the 2008 financial crisis, manipulation attempts by LIBOR panel banks, false reporting, and declining liquidity in interbank funding markets generated doubt in LIBOR benchmark rates, and ultimately led to plans for their replacement with more reliable benchmarks. Without backing by underlying transactions, LIBOR depended more on expert judgment than quantifying true bank funding cost, and huge volumes of derivatives and cash products referencing it was a concern. Alarmed regulators established new benchmark regulation (BMR), and alternative reference rates (ARR) or risk-free rates (RFR) that comply with the BMR were developed and recommended by national working groups of several jurisdictions.