The article discusses a new model for pricing interest rate derivatives after the transition from Libor rates to risk-free rates. The researchers introduce the forward market model, which can handle both old and new rates and provide accurate pricing under different market conditions. They address issues like negative interest rates and volatility smiles by combining the model with the SABR model. The new shifted SABR-FMM successfully prices zero-coupon bonds and caplets, showing promise for pricing exotic derivatives in the post-Libor era.