Of this overall notional quantity, 67% are interest rate agreements, 8% are credit default swaps (CDS), 9% are foreign exchange agreements, 2% are product contracts, 1% are equity contracts, 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 common agreement, given that each counter-party depends on the other to carry out.A derivatives exchange is a market where people trade standardized agreements that have actually been specified by the exchange. A derivatives exchange functions as an intermediary to all related deals, and takes preliminary margin from both sides of the trade to function as an assurance. The world's largest derivatives exchanges (by number of deals) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which notes a wide variety of European products such as rate of interest & index items), 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 met to talk about reforming the OTC derivatives market, as had been concurred by leaders at the 2009 G-20 Pittsburgh top in September 2009. In December 2012, they released a joint declaration to the result that they acknowledged that the marketplace is a global one and "firmly support the adoption and enforcement of robust and consistent standards in and throughout jurisdictions", with the goals of mitigating danger, enhancing openness, securing against market abuse, avoiding regulative gaps, reducing the potential for arbitrage opportunities, and cultivating a equal opportunity for market individuals.