In 1960, financial services accounted for about 3-1/2 percent of U.S. gross domestic product. By 2006, that percentage had more than doubled. Securitized products are one important area of product and market innovation. Of the $ trillion in net borrowing in U.S. credit markets in 2006, $ billion, or nearly one-fourth, was securitized.
As of year-end 2006, roughly 30 percent of the outstanding balances of corporate bonds and household credit resided in asset-backed securities. In addition, use of derivative products has soared; the notional amount of interest rate swaps and options has tripled in the past four years to nearly $ trillion.