Of this overall notional amount, 67% are rate of interest agreements, 8% are credit default swaps (CDS), 9% are forex agreements, 2% are commodity contracts, 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 go through counterparty threat, like a regular agreement, given that each counter-party depends on the other to carry out.A derivatives exchange is a market where individuals trade standardized contracts that have actually been defined by the exchange. A derivatives exchange serves as an intermediary to all associated transactions, and takes initial margin from both sides of the trade to act 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 rates 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 actually been concurred by leaders at the 2009 G-20 Pittsburgh top in September 2009. In December 2012, they launched a joint declaration to the effect that they acknowledged that the marketplace is a global one and "securely support the adoption and enforcement of robust and constant requirements in and across jurisdictions", with the objectives of mitigating threat, enhancing transparency, safeguarding versus market abuse, avoiding regulatory gaps, minimizing the capacity for arbitrage chances, and cultivating a level playing field for market individuals.