(1) The Security Interest in Financial Collateral of a Secured Party under a Title Transfer Financial Collateral Arrangement has priority over a conflicting Security Interest in the Financial Collateral.

(2) The Security Interest in Financial Collateral of a Secured Party under a Security Financial Collateral Arrangement has priority over a subsequent Security Interest in favour of the relevant Intermediary.

(3) Subject to paragraphs (1) and (2), the priority of any other Security Interest in Financial Collateral shall be determined in accordance with—