Marketplace lender DirectMoney has suffered a large shortfall in a rights issue that closed last week. The company received applications for 35.9 million shares, leaving a shortfall of 99.8 million shares. The offer was underwritten and the shortfall will be placed with Bell Potter and its sub-underwriter Adcock Private Equity. The company has struggled with its fund raising this year; in May it reported that it was referring "excess loan applications" to another lender, MyState, because it did not have enough investors to buy its loans. Westpac has filed its defence against claims by the Australian Securities and Investments Commission for allegedly rigging the bank bill swap rate, the AFR reports, expanding on counterclaims accusing the regulator of taking conversations among its traders out of context to prove misconduct. In part, Westpac claims a senior trader's "$12 million buck" boast about a profit had nothing to do with manipulating the key benchmark interest rate in the bank's favour as the corporate regulator alleged, but rather was a reference to profits the bank made from correctly predicting a Reserve Bank of Australia interest rate increase. HSBC has appointed Steve Hughes as head of commercial banking in Australia. His focus will be on assisting corporates and middle market companies with their international activities and also helping foreign companies access opportunities in Australia. Originally from the United Kingdom, Hughes joined HSBC last year, having previously worked with Royal Bank of Scotland in London and Sydney. French headquartered trade credit insurance company Coface has appointed Hugh Burke as its chief commercial officer for the Asia Pacific region. Coface said this was "in line with its Asian growth strategy". Burke has left his previous position as head of Aon Asia's trade credit business, and will start at Coface in October 2016. Based in Hong Kong, Burke will manage the commercial activities across the Asia Pacific, reporting to the Asia CEO.