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.

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