(1) If a Clearing Member fails to deliver, in accordance with Rule 6.5.2, securities in respect of a Novated Contract when due, CDP may impose upon the short Clearing Member a fine of:
(a) $1,000 or 5% of the contract value of the undelivered securities (whichever is higher); or
(b) if the securities are to settle a Novated Contract arising from a trade on the buying-in market, $5,000 or 10% of the contract value of the undelivered securities (whichever is higher).
(2) Nothing in the foregoing prevents CDP from waiving the fine under Rule 6.7A.1 for:
(a) market makers of cross-listed exchange traded funds; or
(b) such participants and such class of market participants that CDP may deem appropriate from time to time.