Of this overall notional quantity, 67% are rates of interest agreements, 8% are credit default swaps (CDS), 9% are foreign exchange agreements, 2% are product agreements, 1% are equity agreements, and 12% are other. Because OTC derivatives are not traded on an exchange, there is no central counter-party. Therefore, they are subject to counterparty risk, like a regular agreement, given that each counter-party relies on the other to perform.A derivatives exchange is a market where individuals trade standardized contracts that have actually been defined by the exchange. A derivatives exchange acts as an intermediary to all associated deals, and takes initial margin from both sides of the trade to act as a warranty. The world's biggest derivatives exchanges (by variety of deals) are the Korea Exchange (which notes KOSPI Index Futures & Options), Eurex (which notes a wide variety of European products such as rates of interest & index items), and CME Group (comprised of the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade and the 2008 acquisition of the New York Mercantile Exchange). In November 2012, the SEC and regulators from Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, and Switzerland met to go over reforming the OTC derivatives market, as had actually been concurred by leaders at the 2009 G-20 Pittsburgh top in September 2009. In December 2012, they released a joint declaration to the impact that they recognized that the marketplace is an international one and "firmly support the adoption and enforcement of robust and constant standards in and across jurisdictions", with the objectives of mitigating risk, enhancing transparency, safeguarding versus market abuse, preventing regulative spaces, decreasing the potential for arbitrage chances, and cultivating a level playing field for market participants.