As filed pursuant to Rule 424(b)(3)
Registration No. 333-156219

PRICING SUPPLEMENT
(To Prospectus dated December 17, 2008 as supplemented by the Prospectus Supplement dated December 17, 2008)

CALCULATION OF REGISTRATION FEE

Title of Each Class of
Securities Offered

Proposed Maximum
Aggregate Offering Price

Amount of
Registration Fee(1)(2)

(1) Calculated in accordance with Rule 457(r) of the Securities Act.
(2) Paid herewith.

HSBC Finance Corporation - Registration No. 333-156219
Rule 424(b)(3)

Preliminary Pricing Supplement No. 23

Dated Monday, December 14, 2009

CUSIP
Number

Principal Amount

Gross Concession

Net
Proceeds

Coupon Type

Coupon Rate

Coupon Frequency

Day Count Basis

40429XWW2

[ --]

1.250%

[ -- ]

FIXED

3.700%

Semi-Annual

30/360

Maturity

Date

1st Coupon Date

1st Coupon Amount

Survivors Option

Product

Ranking

Moody’s Rating

S & P Rating

12/15/2014

06/15/2010

$17.58

YES

Senior Unsecured Notes

A3

A

Redemption Information: Non-Callable

Joint Lead Managers and Lead Agents: Banc of America Securities LLC, HSBC Securities (USA) Inc. and INCAPITAL, LLC.
Agents: Charles Schwab & Company, Incorporated, Citigroup Global Markets Inc., Edward D. Jones & Co., L.P., Fidelity Capital Markets Services, a division of National Financial Services, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, RBC Capital Markets Corporation, UBS Securities LLC, and Wachovia Securities LLC.

If the maturity date or an interest payment date for any note is not a Business Day (as term is defined in Prospectus), principal, premium, if any, and interest for that note is paid on the next Business Day, and no interest will accrue from, and after, the maturity date or interest payment date.

The notes represent obligations of HSBC Finance Corporation and are not obligations of, nor guaranteed by, HSBC Holdings plc or any of its affiliates.

HSBC Finance Corporation
26525 N. Riverwoods Blvd.

Mettawa, IL 60045

Offering Dates: Monday, December 14, 2009 through
Monday, December 21, 2009
Trade Date: Monday, December 21, 2009 @ 12:00 PM ET
Settlement Date: Thursday, December 24, 2009
Minimum Denomination/Increments: $1,000.00/$1,000.00
Initial trades settle flat and clear SDFS: DTC Book

Entry Only
DTC Number: 0235 via RBC Dain Rauscher Inc.
InterNotes® is a registered trademark of
Incapital Holdings LLC
All rights reserved.

HSBC Finance Corporation

HSBC Finance InterNotes

Prospectus Supplement dated December 17, 2008

to

Prospectus dated

December 17, 2008