Of this overall notional quantity, 67% are interest rate contracts, 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 are subject to counterparty risk, like a regular contract, because each counter-party depends on the other to perform.A derivatives exchange is a market where people trade standardized agreements that have been specified by the exchange. A derivatives exchange acts as an intermediary to all associated deals, and takes preliminary 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 notes KOSPI Index Futures & Options), Eurex (which lists a wide variety of European items such as rate of interest & index products), 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 City Mercantile Exchange). In November 2012, the SEC and regulators from Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, and Switzerland met to discuss 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 effect that they recognized that the market is a global one and "securely support the adoption and enforcement of robust and consistent requirements in and across jurisdictions", with the objectives of mitigating danger, improving openness, protecting versus market abuse, preventing regulatory gaps, minimizing the capacity for arbitrage opportunities, and fostering a level playing field for market individuals.