Of this total notional quantity, 67% are interest rate contracts, 8% are credit default swaps (CDS), 9% are forex 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. Therefore, they are subject to counterparty threat, like an ordinary agreement, given that each counter-party depends on the other to carry out.A derivatives exchange is a market where people trade standardized agreements that have been specified by the exchange. A derivatives exchange functions as an intermediary to all associated transactions, and takes preliminary margin from both sides of the trade to serve as a guarantee. The world's biggest derivatives exchanges (by number of deals) are the Korea Exchange (which lists KOSPI Index Futures & Options), Eurex (which lists a large range 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 Mercantile Exchange). In November 2012, the SEC and regulators from Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, and Switzerland satisfied to talk about reforming the OTC derivatives market, as had actually been concurred by leaders at the 2009 G-20 Pittsburgh summit in September 2009. In December 2012, they released a joint statement to the result that they recognized that the marketplace is a global one and "securely support the adoption and enforcement of robust and constant requirements in and throughout jurisdictions", with the objectives of mitigating danger, enhancing transparency, securing against market abuse, avoiding regulative gaps, decreasing the capacity for arbitrage chances, and fostering a level playing field for market participants.