Of this overall notional amount, 67% are interest rate contracts, 8% are credit default swaps (CDS), 9% are foreign exchange agreements, 2% are commodity contracts, 1% are equity agreements, and 12% are other. Due to the fact that OTC derivatives are not traded on an exchange, there is no central counter-party. Therefore, they undergo counterparty threat, like an ordinary agreement, considering that each counter-party counts on the other to carry out.A derivatives exchange is a market where individuals trade standardized agreements that have actually been specified by the exchange. A derivatives exchange acts as an intermediary to all related transactions, and takes initial margin from both sides of the trade to function as a guarantee. The world's biggest derivatives exchanges (by number of transactions) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which lists a broad variety of European products such as rate of interest & index items), and CME Group (made up of the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade and the 2008 acquisition of the New York City 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 been concurred by leaders at the 2009 G-20 Pittsburgh top in September 2009. In December 2012, they launched a joint declaration to the effect that they recognized that the marketplace is an international one and "firmly support the adoption and enforcement of robust and consistent standards in and throughout jurisdictions", with the objectives of mitigating threat, improving transparency, safeguarding versus market abuse, preventing regulative gaps, lowering the potential for arbitrage opportunities, and promoting a equal opportunity for market participants.