Green shoots for derivatives

Pension funds

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Pension plans around the world are more than $1 trillion underfunded. The situation is unlikely to be solved in the next three years, due to smoothing in discount liquidity effects. The problem in the US is so severe that some market participants believe only the US government can bail out the industry.

The implication for companies that act as sponsors of defined-benefit plans is a series of potential earnings hits that would probably hurt their share price. But - with exceptions such as the pen

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