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UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2015 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-07436 HSBC USA Inc. (Exact name of registrant as specified in its charter) Maryland 13-2764867 (State of incorporation) (I.R.S. Employer Identification No.) 452 Fifth Avenue, New York 10018 (Address of principal executive offices) (Zip Code) (212) 525-5000 Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Floating Rate Non-Cumulative Preferred Stock, Series F New York Stock Exchange Depositary Shares (each representing a one-fortieth share of Floating Rate Non-Cumulative Preferred Stock, Series G) New York Stock Exchange Depositary Shares (each representing a one-fortieth share of 6.5% Non- Cumulative Preferred Stock, Series H) New York Stock Exchange $100,000,000 Zero Coupon Callable Accreting Notes due January 15, 2043 New York Stock Exchange $50,000,000 Zero Coupon Callable Accreting Notes due January 29, 2043 New York Stock Exchange $50,000,000 Zero Coupon Callable Accreting Notes due May 7, 2043 New York Stock Exchange $50,000,000 Zero Coupon Callable Accreting Notes due June 17, 2043 New York Stock Exchange ELEMENTS Linked to the S&P Commodity Trends Indicator - Total Return due June 16, 2023 New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of February 19, 2016, there were 714 shares of the registrant’s common stock outstanding, all of which are owned by HSBC North America Inc. DOCUMENTS INCORPORATED BY REFERENCE None. HSBC USA Inc. TABLE OF CONTENTS Part/Item No. Part I Page Item 1. Business: Organization History and Acquisition by HSBC..................................................................................... 4 HSBC North America Operations ........................................................................................................... 4 HSBC USA Inc. Operations .................................................................................................................... 4 Funding.................................................................................................................................................... 6 Employees and Customers ...................................................................................................................... 7 Regulation and Competition.................................................................................................................... 7 Corporate Governance and Controls ....................................................................................................... 17 Item 1A. Risk Factors ............................................................................................................................................... 18 Item 1B. Unresolved Staff Comments...................................................................................................................... 36 Item 2. Properties ................................................................................................................................................... 36 Item 3. Legal Proceedings...................................................................................................................................... 36 Item 4. Mine Safety Disclosures ............................................................................................................................ 36 Part II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.................................................................................................................................................... 36 Item 6. Selected Financial Data.............................................................................................................................. 37 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations: Forward-Looking Statements .................................................................................................................. 39 Executive Overview ................................................................................................................................ 41 Basis of Reporting ................................................................................................................................... 44 Critical Accounting Policies and Estimates............................................................................................. 47 Balance Sheet Review ............................................................................................................................. 53 Results of Operations .............................................................................................................................. 58 Segment Results - Group Reporting Basis .............................................................................................. 66 Credit Quality .......................................................................................................................................... 74 Liquidity and Capital Resources ............................................................................................................. 88 Off-Balance Sheet Arrangements, Credit Derivatives and Other Contractual Obligations .................... 93 Fair Value................................................................................................................................................. 96 Risk Management.................................................................................................................................... 99 Glossary of Terms.................................................................................................................................... 120 Consolidated Average Balances and Interest Rates................................................................................. 123 Item 7A. Quantitative and Qualitative Disclosures about Market Risk.................................................................... 125 Item 8. Financial Statements and Supplementary Data.......................................................................................... 125 Selected Quarterly Financial Data (Unaudited)......................................................................................... 234 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.................... 235 Item 9A. Controls and Procedures ............................................................................................................................ 235 Item 9B. Other Information ...................................................................................................................................... 236 2 HSBC USA Inc. Part/Item No. Part III Page Item 10. Directors, Executive Officers and Corporate Governance......................................................................... 238 Item 11. Executive Compensation ........................................................................................................................... 250 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . 277 Item 13. Certain Relationships and Related Transactions, and Director
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