In the left chart, TFP is measured by using SNA data classified by economic activity in the "Annual Report on National Accounts." IT-producing sector is composed of electronic components and devices; electrical machinery, equipment and supplies; and information and communication electronics equipment.
The data seem to have resolved that debate. In the United States, the Commodity Futures Modernization Act of 2000 has permitted healthy competition between the exchanges and the OTC markets, and both sets of markets are reaping the benefits. The benefits are not limited to those that use derivatives.