Southwest Securities Inc. said Tuesday that it has hired two seasoned traders of mortgage-related paper.
Derek Rose has joined the Dallas company's Chicago office as the senior vice president for trading of commercial mortgage-backed securities and asset-backed securities. Steve Palmer joined the New York office as the senior vice president of mortgage trading.
Dan Leland, Southwest's head of fixed income, said in a press release that it is expanding the trading desks "to support additional sales volume and we are finding there are opportunities now to grow because of the experienced talent available."
Rose was most recently a trader of commercial mortgage-backed securities and of asset-backeds at Royal Bank of Canada's RBC Capital Markets in New York. He has also run asset-backed trading for ABN Amro Group, Sutro & Co. and Bank of Montreal's Nesbitt Burns.
Palmer was most recently an executive director with JPMorgan Chase & Co., where he traded nonagency fixed-rate securities and unsecuritized residential loans. He has worked at Chemical Securities, Smith Barney, HSBC Securities and FTN Financial.