Of this total notional quantity, 67% are interest rate agreements, 8% are credit default swaps (CDS), 9% are foreign exchange agreements, 2% are commodity contracts, 1% are equity contracts, and 12% are other. Because OTC derivatives are not traded on an exchange, there is no central counter-party. For that reason, they go through counterparty threat, like a normal contract, 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 functions as an intermediary to all related deals, and takes initial margin from both sides of the trade to function as an assurance. The world's biggest derivatives exchanges (by variety of deals) are the Korea Exchange (which notes KOSPI Index Futures & Options), Eurex (which lists a large range of European products such as rates of interest & index items), 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 go over 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 statement to the effect that they acknowledged that the marketplace is a worldwide one and "firmly support the adoption and enforcement of robust and constant requirements in and throughout jurisdictions", with the goals of mitigating danger, enhancing openness, protecting versus market abuse, avoiding regulatory gaps, lowering the potential for arbitrage chances, and promoting a equal opportunity for market individuals.