HSBC Securities USA Inc. continued the expansion of its mortgage-backed securities operations by hiring a head of collateralized mortgage obligation trading and a CMO trader for its New York office.
The HSBC Holdings PLC unit announced the hirings of Nicholas Letica, as a managing director and the head of CMO trading, and Mehul Shah, as a senior vice president and senior CMO trader, on Tuesday.
Mr. Letica was the head of agency CMO trading at Deutsche Bank AG. HSBC said that he will be in charge of continuing the expansion of its CMO trading business for agency and nonagency securities, including mortgage-backed derivatives. He will report to Neal Leonard and Todd White, the co-heads of MBS.
Mr. Shah, who will report to Mr. Letica, also came from Deutsche Bank, where he traded fixed-rate CMOs. At HSBC, he will trade new issue and secondary CMO bonds and oversee related risk management.
