(8)Settlement fails the underlying cause of which is not attributable to the participants and operations that are not considered as trading should not be subject to cash penalties or mandatory buy-ins, since the application of those measures to such settlement fails and operations would not be practicable or could lead to detrimental consequences for the market. For mandatory buy-ins, that is likely to be the case for certain primary market transactions, securities financing transactions, corporate actions, reorganisations or the creation and redemption of fund units, realignment operations or other types of transactions that render the buy-in process unnecessary. Similarly, the settlement discipline measures should not apply to failing participants against which insolvency proceedings have been opened, or where central counterparties (CCPs) are the failing participants, except for transactions entered into by a CCP where it does not interpose itself between counterparties.