

 
Communications Directorate 
Press and Information Unit curia.europa.eu 
 
 
 
PRESS RELEASE No 8/23 
Luxembourg, 12 January 2023 
Judgment of the Court in Case C-883/19 P | HSBC Holdings and Others v Commission 
Competition in the Euro Interest Rate Derivatives sector: the Court of 
Justice upholds the annulment of the € 33.6 million fine imposed on the 
HSBC Group 
 
The HSBC Group is a banking group, and one of its activities is global banking and markets. HSBC Holdings is the 
parent company of HSBC France, and the latter is the parent company of HSBC Bank. HSBC France and HSBC Bank 
are responsible for the negotiation of Euro Interest Rate Derivatives (EIRDs). HSBC France is responsible for 
submitting rates to the Euro Interbank Offered Rate (Euribor) panel. 
Following inspections at the premises of a number of financial institutions, including at HSBC’s premises, the 
Commission initiated infringement proceedings against those financial institutions, including HSBC. By decision of 
7 December 2016, the Commission found that Crédit agricole, HSBC and JPMorgan Chase had participated in a 
single and continuous infringement consisting of restricting or distorting competition in the EIRD sector. For that 
infringement, the Commission imposed a fine of € 33 606 000 on HSBC. 
By its judgment of 24 September 2019, 
1
 the General Court of the European Union largely upheld the Commission’s 
finding that HSBC had participated in an infringement of competition law. However, it annulled the fine imposed on 
the basis that the statement of reasons was insufficient. 
By the present appeal, companies from the HSBC Group seek the annulment in part of the judgment of the General 
Court, to the extent that the latter dismissed its action. They also ask the Court of Justice to annul the Commission’s 
decision on the HSBC companies’ participation in the single and continuous infringement.  
In today’s judgment, the Court of Justice sets aside the General Court’s judgment in so far as it dismisses the 
action brought by HSBC Holdings plc. However, the judgment under appeal stands in so far as it annuls the 
fine imposed on the HSBC Group. 
In that regard, the Court of Justice finds that the General Court’s reasoning as regards the presumption of innocence 
was vitiated by two errors in law. The Court of Justice also finds that the General Court applied an incorrect test 
when it held that it was for the HSBC companies either to show that the discussions on mids were directly related 
and necessary to the functioning of the EIRD market or that they met the conditions in Article 101(3) TFEU. Such an 
error led it not to examine the HSBC companies’ arguments that the exchanges on mids had pro-competitive effects, 
whereas those exchanges had been raised by those companies in order to call into question the characterisation of 
those exchanges as a restriction by object. 
Having deemed that the state of the proceedings in Case T-105/17 is such as to allow it to give final judgment on the 
                                                
1
 Judgment of 24 September 2019, HSBC Holdings and Others v Commission, T-105/17 (see also Press Release 116/19). 

 
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pleas in that case, the Court of Justice goes on to examine the pleas put forward before the General Court as 
regards the Commission’s findings of an infringement by object and of a single and continuous infringement, and 
breach of the presumption of innocence, of the right to good administration and of the rights of the defence. The 
Court of Justice dismisses the HSBC companies’ action challenging the finding that it participated in the 
cartel at issue. 
NOTE: An appeal, on a point or points of law only, may be brought before the Court of Justice against a judgment or 
order of the General Court. In principle, the appeal does not have suspensive effect. If the appeal is admissible and 
well founded, the Court of Justice sets aside the judgment of the General Court. Where the state of the proceedings 
so permits, the Court of Justice may itself give final judgment in the case. Otherwise, it refers the case back to the 
General Court, which is bound by the decision given by the Court of Justice on the appeal. 
Unofficial document for media use, not binding on the Court of Justice. 
The full text of the judgment is published on the CURIA website on the day of delivery.  
Press contact: Jacques René Zammit ✆ (+352) 4303 3355 
Pictures of the delivery of the judgment are available from "Europe by Satellite" ✆ (+32) 2 2964106 
 
 

CJEU Overturns Fine Against HSBC in Euro Interest Rate Derivatives Case

The Court of Justice of the European Union (CJEU) has delivered a significant ruling in Case C-883/19 P, concerning HSBC Holdings and its subsidiaries. The case revolves around a fine of €33.6 million that was initially imposed by the European Commission for alleged anti-competitive practices in the Euro Interest Rate Derivatives (EIRD) market.

In December 2016, the European Commission found that HSBC, along with Crédit Agricole and JPMorgan Chase, had engaged in a single and continuous infringement that restricted competition in the EIRD sector. Following this, HSBC appealed the decision, leading to a judgment by the General Court in September 2019, which upheld the Commission's findings but annulled the fine due to insufficient reasoning.

HSBC sought further annulment of the General Court's judgment, particularly the parts that dismissed its action. The CJEU's recent ruling sets aside the General Court's dismissal of HSBC's appeal but maintains the annulment of the fine. The CJEU identified errors in the General Court's reasoning regarding the presumption of innocence and the test applied to assess HSBC's arguments about the pro-competitive effects of their discussions.

While the CJEU dismissed HSBC's challenge against the finding of participation in the cartel, the ruling emphasizes the importance of proper legal reasoning in competition law cases. The case highlights ongoing scrutiny in the financial sector regarding compliance with competition regulations.

