Of this total notional amount, 67% are interest rate contracts, 8% are credit default swaps (CDS), 9% are foreign exchange agreements, 2% are product agreements, 1% are equity agreements, and 12% are other. Since OTC derivatives are not traded on an exchange, there is no main counter-party. Therefore, they go through counterparty risk, like a regular contract, because each counter-party relies on the other to carry out.A derivatives exchange is a market where people trade standardized agreements that have actually been defined by the exchange. A derivatives exchange functions as an intermediary to all related transactions, and takes preliminary margin from both sides of the trade to act as a warranty. The world's biggest derivatives exchanges (by number of transactions) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which lists a large range of European items such as interest rate & index products), 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 actually been agreed by leaders at the 2009 G-20 Pittsburgh summit in September 2009. In December 2012, they launched a joint declaration to the impact that they recognized that the marketplace is a worldwide one and "strongly support the adoption and enforcement of robust and consistent requirements in and across jurisdictions", with the goals of mitigating threat, improving openness, safeguarding versus market abuse, preventing regulative gaps, lowering the capacity for arbitrage opportunities, and cultivating a level playing field for market individuals.