The article discusses changes in market rates after the 2007 subprime mortgage crisis and proposes new formulas and models to address these changes. It introduces a new way to price interest rate swaps using different curves for future rates and cash flow discounting. The article also presents modifications to market formulas for caps and swaptions. A new LIBOR market model is introduced, based on the joint evolution of FRA rates and forward rates. The model includes stochastic volatility and provides closed-form formulas for caplets and swaptions. Alternative formulations of multi-curve LIBOR market models are available for download.