Of this total notional quantity, 67% are interest rate 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. Therefore, they undergo counterparty danger, like a regular contract, since each counter-party counts on the other to carry out.A derivatives exchange is a market where individuals trade standardized contracts that have been defined by the exchange. A derivatives exchange acts as an intermediary to all related deals, and takes preliminary margin from both sides of the trade to act as a warranty. The world's largest derivatives exchanges (by number of transactions) are the Korea Exchange (which notes KOSPI Index Futures & Options), Eurex (which notes a large range of European products 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 talk about reforming the OTC derivatives market, as had actually been concurred by leaders at the 2009 G-20 Pittsburgh summit in September 2009. In December 2012, they released a joint statement to the result that they acknowledged that the market is a worldwide one and "strongly support the adoption and enforcement of robust and consistent requirements in and throughout jurisdictions", with the goals of mitigating danger, enhancing openness, securing versus market abuse, avoiding regulatory spaces, reducing the potential for arbitrage opportunities, and cultivating a equal opportunity for market participants.