US Bancorp Piper Jaffray has appointed Michael Effron and Jim Roddy to replace Barry Nordstrand, who was head of both sales and trading, before his appointment as president of fixed income capital markets.

Effron, who joined the securities firm in 1997 from Huntingdon Capital Corp, where he was head of taxable trading, will run Piper Jaffray's fixed income trading operations. He has worked as a senior trader and underwriter in the agency trading team, and as head of long-term taxable fixed income trading.