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

The bond insurer has seven board members, including three independent directors. Vales will succeed John White, who’s retiring, in line with a press release.

“Tom’s profession has been about making fixed-income markets more transparent and efficient,” said Seán W. McCarthy, CEO of BAM, in an announcement. “His perspective on the markets and knowledge about emerging technologies will support our mission to guard 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 because the CEO of electronic trading platform TMC Bonds, which ICE acquired in 2019, the discharge said.

“I sit up for helping support BAM’s leadership and vision for the long run of electronic trading by bringing each greater liquidity and transparency to the insured marketplace,” Tom Vales said.

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

“Over my profession, BAM was a tremendous partner for expanding the convenience of use of online bond insurance,” Vales said in an announcement. “I sit up for helping support BAM’s leadership and vision for the long run of electronic trading by bringing each greater liquidity and transparency to the insured marketplace.”

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

BAM insured $12.322 billion in 656 deals, or 42.6% of the market share, in the course of the first three quarters of 2024. That’s up from $8.525 billion in 531 deals, or a 37.4% market share, in the primary three quarters of last yr, in line with 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.

“John’s experience as an progressive 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 need him well in retirement.”