Of this total notional amount, 67% are rates of interest contracts, 8% are credit default swaps (CDS), 9% are forex 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. For that reason, they undergo counterparty threat, like a regular contract, because 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 functions as an intermediary to all associated transactions, and takes initial margin from both sides of the trade to act as a guarantee. The world's largest derivatives exchanges (by variety of deals) are the Korea Exchange (which notes KOSPI Index Futures & Options), Eurex (which notes a vast array 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 released a joint statement to the result that they acknowledged that the marketplace is a global one and "strongly support the adoption and enforcement of robust and consistent requirements in and throughout jurisdictions", with the goals of mitigating danger, improving openness, safeguarding against market abuse, avoiding regulative gaps, lowering the potential for arbitrage opportunities, and cultivating a level playing field for market individuals.