Of this overall notional amount, 67% are rate of interest agreements, 8% are credit default swaps (CDS), 9% are forex contracts, 2% are commodity agreements, 1% are equity contracts, and 12% are other. Because OTC derivatives are not traded on an exchange, there is no main counter-party. For that reason, they go through counterparty risk, like a regular contract, since each counter-party counts on the other to carry out.A derivatives exchange is a market where individuals trade standardized contracts that have been defined by the exchange. A derivatives exchange acts as an intermediary to all related 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 transactions) are the Korea Exchange (which notes KOSPI Index Futures & Options), Eurex (which lists a large range of European items such as rates of interest & 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 fulfilled to go over reforming the OTC derivatives market, as had been agreed by leaders at the 2009 G-20 Pittsburgh top in September 2009. In December 2012, they launched a joint statement to the result that they acknowledged that the market is a worldwide one and "strongly support the adoption and enforcement of robust and constant requirements in and across jurisdictions", with the goals of mitigating risk, improving transparency, protecting versus market abuse, avoiding regulatory gaps, minimizing the potential for arbitrage chances, and fostering a level playing field for market participants.