The article discusses the upcoming changes to the Libor benchmark interest rates and how it will affect financial services. It explains that Libor rates are being replaced with new reference rates, and there is uncertainty about the future of Libor beyond 2021. The researchers outline the structural changes to the new benchmarks and warn about potential litigation risks when transitioning existing contracts. They provide three different approaches to implementing the Libor reform: robust, last-minute, and no preparation. It emphasizes the importance of being well-prepared for the industry changes and associated risks.