Of this overall notional amount, 67% are rate of interest contracts, 8% are credit default swaps (CDS), 9% are forex 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 central counter-party. Therefore, they are subject to counterparty risk, like a common 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 preliminary margin from both sides of the trade to serve as a warranty. The world's biggest derivatives exchanges (by variety of transactions) are the Korea Exchange (which notes KOSPI Index Futures & Options), Eurex (which lists a broad range of European items 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 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 impact that they acknowledged that the marketplace is an international one and "firmly support the adoption and enforcement of robust and consistent requirements in and across jurisdictions", with the objectives of mitigating threat, improving openness, safeguarding versus market abuse, avoiding regulatory spaces, decreasing the capacity for arbitrage chances, and promoting a equal opportunity for market participants.