Of this overall notional quantity, 67% are rates of interest agreements, 8% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are product agreements, 1% are equity agreements, and 12% are other. Because OTC derivatives are not traded on an exchange, there is no main counter-party. For that reason, they undergo counterparty danger, like a regular agreement, given that each counter-party relies 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 serves as an intermediary to all associated deals, and takes initial margin from both sides of the trade to act as a warranty. The world's biggest derivatives exchanges (by number of deals) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which notes a broad 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 discuss reforming the OTC derivatives market, as had actually been agreed by leaders at the 2009 G-20 Pittsburgh summit in September 2009. In December 2012, they launched a joint statement to the effect that they acknowledged that the marketplace is an international one and "securely support the adoption and enforcement of robust and consistent standards in and throughout jurisdictions", with the goals of mitigating threat, enhancing transparency, safeguarding against market abuse, preventing regulative spaces, minimizing the potential for arbitrage chances, and promoting a equal opportunity for market individuals.