(1) A transfer order that has entered a relevant system is legally enforceable and binding on the participants and on third parties even if insolvency proceedings against a participant are commenced, so long as the transfer order entered the system before the commencement of the proceedings.
(2) Netting is legally enforceable and binding on participants and on third parties even if insolvency proceedings against a participant are commenced so long as the transfer orders to which the netting relates were entered into the system before the commencement of the proceedings.
(3) If -
(a) a transfer order entered a relevant system after the commencement of insolvency proceedings against a participant in the system, and
(b) the order is executed on the day on which insolvency proceedings against the participant commenced,
the order is legally enforceable and binding only if, after the order is executed, the settlement agent, the central counterparty or the clearing house can prove that i