Of this overall notional amount, 67% are rates of interest agreements, 8% are credit default swaps (CDS), 9% are foreign exchange contracts, 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 threat, like an ordinary 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 specified by the exchange. A derivatives exchange serves as an intermediary to all related deals, and takes preliminary margin from both sides of the trade to act as an assurance. The world's largest derivatives exchanges (by variety of deals) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which notes a broad range of European products 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 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 go over reforming the OTC derivatives market, as had actually been agreed by leaders at the 2009 G-20 Pittsburgh top in September 2009. In December 2012, they released a joint declaration to the effect that they acknowledged that the market is an international one and "firmly support the adoption and enforcement of robust and consistent requirements in and throughout jurisdictions", with the goals of mitigating danger, improving transparency, protecting against market abuse, avoiding regulative spaces, lowering the capacity for arbitrage opportunities, and cultivating a equal opportunity for market individuals.