Southwest Expands Fixed Income Trading
Securities brokerage, investment banking and securities clearing service provider Southwest Securities added several traders to its taxable fixed income trading desks. The SWS Group (SWS) subsidiary noted the additions arrive to support growth in sales volume among mortgages, asset- and commercial mortgage-backed securities. Steve Palmer joined the New York office as senior vice president in mortgage trading, while Derek Rose joins the Chicago office as senior vice president on asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) trading. "We have been active participants in the taxable fixed income market for many years and we are finding there are opportunities now to grow because of the experienced talent available," said Dan Leland, Southwest Securities executive vice president and head of fixed income. Palmer, who most recently was an executive director with JP Morgan, trading non-agency, fixed-rate securities and unsecuritized residential loans, worked at Chemical Securities, Smith Barney, HSBC Securities and FTN Financial prior to joining Southwest Securities, the company noted in a corporate release. Rose served most recently as ABS/CMBS trader and director of securitization syndicate at RBC Capital Markets in New York. He also managed ABS trading at ABN Amro, Sutro and Nesbitt Burns. Write to Diana Golobay.