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HSBC US Resolution Plans: Section I – Public Section

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HSBC US Resolution Plans: Section I – Public Section HSBC US Resolution Plans: Section I – Public Section HSBC Holdings plc SIFI Plan Section I – Public Section Date: December 2018 HSBC US Resolution Plans: Section I – Public Section This document contains forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about HSBC Group’s beliefs and expectations. Words such as ‘expects’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, ‘potential’ and ‘reasonably possible’, variations of these words and similar expressions are intended to identify forward‑looking statements. These statements are based on current plans, estimates and projections, and therefore undue reliance should not be placed on them. Forward‑looking statements speak only as of the date they are made. HSBC Group makes no commitment to revise or update any forward‑looking statements to reflect events or circumstances occurring or existing after the date of any forward‑looking statements. The US SIFI Plan is not binding on a bankruptcy court, HSBC Group’s regulators or any other resolution authority and the scenarios described and the assumptions made are hypothetical and do not necessarily reflect events to which HSBC Group is or may be subject. Written and/or oral forward‑looking statements may also be made in the periodic reports to the US Securities and Exchange Commission (SEC), summary financial statements to shareholders, proxy statements, offering circulars and prospectuses, press releases and other written materials, and in oral statements made by HSBC Group’s directors, officers or employees to third parties, including financial analysts. Forward‑looking statements involve inherent risks and uncertainties. Readers are cautioned that a number of factors could cause actual results to differ, in some instances materially, from those anticipated or implied in any forward‑looking statement. Factors that could cause HSBC Holdings plc’s or HSBC Bank USA, National Association’s actual results to differ materially from those described in the forward‑looking statements can be found in HSBC Holdings plc’s Annual Report on Form 20‑F for the fiscal year ended December 31, 2017 filed with the SEC under the Securities Exchange Act of 1934, as amended (Exchange Act), on February 20, 2018 (Form 20‑F) and in HSBC USA Inc.’s Annual Report on Form 10‑K for the fiscal year ended December 31, 2017 filed with the SEC under the Exchange Act on February 20, 2018. Page i HSBC US Resolution Plans: Section I – Public Section CONTENTS SECTION PAGE 1. INTRODUCTION ........................................................................................................ 1 1.1. US Resolution Plan Rules................................................................................. 1 1.2. Global Structure ................................................................................................ 2 1.3. HSBC Group Business Model........................................................................... 3 1.3.1. Retail Banking and Wealth Management .............................................. 4 1.3.2. Commercial Banking ............................................................................. 5 1.3.3. Global Banking and Markets ................................................................. 6 1.3.4. Global Private Banking .......................................................................... 7 2. OVERVIEW OF RESOLUTION STRATEGY.............................................................. 8 2.1. HSBC Group Resolution Planning .................................................................... 8 2.2. Improvements to Address 2018 Feedback........................................................ 10 2.2.1. Capital Capabilities................................................................................ 11 2.2.2. Funding Sources ................................................................................... 12 2.2.3. Payment, Clearing and Settlement Activities......................................... 15 2.2.4. Shared and Outsourced Services.......................................................... 17 2.3. US Resolution Strategy..................................................................................... 20 2.3.1. HBUS..................................................................................................... 23 2.3.2. HCSU .................................................................................................... 24 2.3.3. HNAH and HUSI.................................................................................... 25 2.3.4. HTSU..................................................................................................... 27 2.4. Post-Resolution Structure ................................................................................. 28 3. MATERIAL ENTITIES................................................................................................. 29 3.1. Introduction ....................................................................................................... 29 3.2. US Material Entities........................................................................................... 31 3.2.1. HSBC North America Holdings Inc. ....................................................... 31 3.2.2. HSBC USA Inc....................................................................................... 37 3.2.3. HSBC Bank USA, National Association................................................. 44 3.2.4. HSBC Securities (USA) Inc. .................................................................. 51 3.2.5. HSBC Technology & Services (USA) Inc............................................... 58 4. CORE BUSINESS LINES........................................................................................... 65 4.1. Global Banking.................................................................................................. 66 4.2. Global Markets .................................................................................................. 67 4.2.1. Markets-FX ............................................................................................ 68 4.2.2. Markets-Metals ...................................................................................... 69 Page ii HSBC US Resolution Plans: Section I – Public Section 4.2.3. Markets-Rates ....................................................................................... 70 4.3. Commercial Banking ......................................................................................... 71 4.4. Retail Banking and Wealth Management.......................................................... 72 4.5. Private Banking ................................................................................................. 73 5. ACTIONS TAKEN TO ENHANCE RESOLVABILITY OF HBUS AND THE US GROUP............................................................................................................................. 74 5.1. Global ServCo Structure ................................................................................... 75 5.2. Legal Structure of HSBC Group's US Operations............................................. 76 5.3. QFC Stay Rules ................................................................................................ 77 6. SUMMARY FINANCIAL INFORMATION REGARDING ASSETS, LIABILITIES, CAPITAL AND MAJOR FUNDING SOURCES................................................................. 78 6.1. HSBC Group's Financial Information ................................................................ 78 6.2. Funding Sources ............................................................................................... 80 7. DERIVATIVE AND HEDGING ACTIVITIES ................................................................ 81 7.1. Trading Derivatives ........................................................................................... 82 7.2. Derivatives for Hedging Risks ........................................................................... 83 8. MEMBERSHIPS IN MATERIAL PAYMENT, CLEARING AND SETTLEMENT SYSTEMS......................................................................................................................... 84 9. FOREIGN OPERATIONS ........................................................................................... 86 10. MATERIAL SUPERVISORY AUTHORITIES ............................................................ 87 10.1. US Supervisory Authorities ............................................................................. 87 10.1.1. Banking Supervisory Authorities.......................................................... 87 10.1.2. US Securities Regulatory Authorities................................................... 88 10.2. Foreign Supervisory Authorities ...................................................................... 89 10.2.1. Wider HSBC Group ............................................................................. 89 10.2.2. Regulators Comprising the Crisis Management Group ....................... 90 11. PRINCIPAL OFFICERS ............................................................................................ 91 11.1. HSBC HOLDINGS PLC................................................................................... 91 11.2. HSBC NORTH AMERICA HOLDINGS INC..................................................... 93 11.3. HSBC BANK USA, NATIONAL ASSOCIATION............................................... 95 12. CORPORATE GOVERNANCE STRUCTURE AND PROCESSES RELATED TO RESOLUTION PLANNING..............................................................................................
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