The article discusses how financial experts use stochastic volatility models to estimate and predict market volatility. These models help in pricing options, interest rates, and other financial instruments. The researchers focus on genuine stochastic volatility models, where volatility follows its own random process. They show that using intraday transaction data can improve volatility estimates. However, these models have challenges, like dealing with unobservable volatility and complex estimation methods. Despite these challenges, researchers have developed new techniques to make these models more practical and consistent with real market data.