Tom Vales joins BAM's board

Tom Vales, a muni bond electronic trading expert, has joined BAM’s board as an independent director.

BAM has seven board members, including three independent directors. Vales will succeed John White, who is retiring, according to a press release.

“Tom’s career has been about making fixed-income markets more transparent and efficient,” said Seán W. McCarthy, CEO of BAM, in a statement. “His perspective on the markets and knowledge about emerging technologies will support our mission to protect investors and improve market access for issuers financing essential infrastructure.”

Vales is currently a director for fixed-income focused broker-dealer InspereX and an independent trustee for the Axonic Funds, having previously served as the CEO of electronic trading platform TMC Bonds, which ICE acquired in 2019, the release said.

“I look forward to helping support BAM’s leadership and vision for the future of electronic trading by bringing both greater liquidity and transparency to the insured marketplace,” Tom Vales said.

Earlier in his career, Vales worked as a managing director at Bankers Trust and Deutsche Bank, the release said.

“Over my career, BAM was an amazing partner for expanding the ease of use of online bond insurance,” Vales said in a statement. “I look forward to helping support BAM’s leadership and vision for the future of electronic trading by bringing both greater liquidity and transparency to the insured marketplace.”

Demand for bond insurance was strong during the first three quarters of 2024, with BAM seeing an increase in insurance by 44.5% year-over-year.

BAM insured $12.322 billion in 656 deals, or 42.6% of the market share, during the first three quarters of 2024. That is up from $8.525 billion in 531 deals, or a 37.4% market share, in the first three quarters of last year, according to LSEG data.

Vales replaces White, former CEO of PFM Financial Advisors. White joined BAM’s board in 2017. He was inducted into The Bond Buyer Municipal Finance Hall of Fame in 2022, the release said.

“John’s experience as an innovative financial advisor was excellent background for his role as a BAM independent director, representing the interests of our municipal issuer-members,” McCarthy said. “We appreciate his service and contributions and wish him well in retirement.”