Of this total notional quantity, 67% are rate of interest contracts, 8% are credit default swaps (CDS), 9% are foreign exchange agreements, 2% are product agreements, 1% are equity contracts, and 12% are other. Since OTC derivatives are not traded on an exchange, there is no main counter-party. Therefore, they go through counterparty danger, like a common agreement, since each counter-party depends on the other to perform.A derivatives exchange is a market where people trade standardized contracts that have actually been defined by the exchange. A derivatives exchange functions as an intermediary to all related deals, and takes preliminary margin from both sides of the trade to serve as a warranty. The world's largest derivatives exchanges (by variety of deals) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which notes a wide variety of European products such as rate 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 fulfilled to talk about 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 declaration to the impact that they recognized that the market is a worldwide one and "strongly support the adoption and enforcement of robust and constant standards in and throughout jurisdictions", with the objectives of mitigating risk, enhancing openness, protecting versus market abuse, avoiding regulative spaces, decreasing the capacity for arbitrage chances, and cultivating a equal opportunity for market individuals.