Of this overall notional quantity, 67% are rates of interest agreements, 8% are credit default swaps (CDS), 9% are forex agreements, 2% are commodity contracts, 1% are equity contracts, and 12% are other. Since OTC derivatives are not traded on an exchange, there is no central counter-party. For that reason, they undergo counterparty risk, like a common contract, since each counter-party depends on the other to carry out.A derivatives exchange is a market where people trade standardized agreements that have been defined by the exchange. A derivatives exchange functions as an intermediary to all related transactions, and takes initial margin from both sides of the trade to function as an assurance. The world's largest derivatives exchanges (by variety of deals) are the Korea Exchange (which notes KOSPI Index Futures & Options), Eurex (which lists a vast array of European items such as interest rate & 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 discuss 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 launched a joint statement to the impact that they acknowledged that the market is a worldwide one and "strongly support the adoption and enforcement of robust and consistent requirements in and throughout jurisdictions", with the goals of mitigating danger, improving transparency, protecting versus market abuse, preventing regulative gaps, minimizing the capacity for arbitrage chances, and promoting a level playing field for market participants.