Of this overall notional quantity, 67% are rate of interest contracts, 8% are credit default swaps (CDS), 9% are foreign exchange agreements, 2% are commodity contracts, 1% are equity agreements, and 12% are other. Since OTC derivatives are not traded on an exchange, there is no central counter-party. Therefore, they undergo counterparty risk, like a normal contract, since each counter-party counts on the other to perform.A derivatives exchange is a market where people trade standardized contracts that have actually been specified by the exchange. A derivatives exchange acts as an intermediary to all associated transactions, and takes initial margin from both sides of the trade to serve as a guarantee. The world's largest derivatives exchanges (by variety of transactions) are the Korea Exchange (which notes KOSPI Index Futures & Options), Eurex (which notes a large range of European items such as interest rate & 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 satisfied to discuss reforming the OTC derivatives market, as had been concurred by leaders at the 2009 G-20 Pittsburgh summit in September 2009. In December 2012, they released a joint statement to the impact that they recognized that the marketplace is a worldwide one and "securely support the adoption and enforcement of robust and constant requirements in and across jurisdictions", with the goals of mitigating danger, enhancing openness, safeguarding against market abuse, preventing regulatory spaces, reducing the capacity for arbitrage opportunities, and promoting a equal opportunity for market participants.