Of this overall notional quantity, 67% are interest rate agreements, 8% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are product contracts, 1% are equity contracts, and 12% are other. Because OTC derivatives are not traded on an exchange, there is no main counter-party. Therefore, they are subject to counterparty danger, like a normal agreement, since each counter-party relies on the other to perform.A derivatives exchange is a market where individuals trade standardized agreements that have actually been specified by the exchange. A derivatives exchange acts as an intermediary to all related transactions, and takes initial margin from both sides of the trade to function as a guarantee. 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 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 fulfilled to discuss 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 statement to the effect that they acknowledged that the marketplace is a worldwide one and "securely support the adoption and enforcement of robust and consistent requirements in and across jurisdictions", with the objectives of mitigating danger, enhancing openness, securing versus market abuse, preventing regulatory spaces, minimizing the capacity for arbitrage opportunities, and promoting a equal opportunity for market participants.