Member States shall require investment firms to be able to properly examine and demonstrate the use of hedging arrangements for the transfer of securities related to the client`s obligation to the investment firm and the assets of clients subject to the transfer of ownership guarantee agreements. A TTCA allows a client to accept that their funds or assets are treated as collateral against their existing or future commitments. `ownership transfer guarantee` means a financial guarantee for the transfer of ownership as defined in point (b) of Article 2(1) of Directive 2002/47/EC concluded between counterparties for the performance of all obligations on 24 On 27 July 2020, the FCA published a letter from the dear CEO reminding companies operating as brokers on wholesale financial markets (including clearing brokers and early brokers) their securities guarantee obligations (TTCA). . . .