Of this overall notional amount, 67% are rate of interest agreements, 8% are credit default swaps (CDS), 9% are foreign exchange agreements, 2% are commodity agreements, 1% are equity contracts, and 12% are other. Since OTC derivatives are not traded on an exchange, there is no main counter-party. For that reason, they go through counterparty threat, 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 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 function as a warranty. The world's largest derivatives exchanges (by number of deals) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which lists a vast array of European products such as interest rate & 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 Mercantile Exchange). In November 2012, the SEC and regulators from Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, and Switzerland satisfied to go over reforming the OTC derivatives market, as had 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 "firmly support the adoption and enforcement of robust and consistent requirements in and across jurisdictions", with the goals of mitigating risk, improving transparency, safeguarding versus market abuse, avoiding regulatory gaps, reducing the capacity for arbitrage opportunities, and cultivating a equal opportunity for market individuals.