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Zaptin joins Baird in Dallas

BY SourceMedia | MUNICIPAL | 07/07/25 12:55 PM EDT

JP Zaptin has joined Baird's fixed income capital markets groups as a managing director in municipal bond trading.

Zaptin, who previously was HilltopSecurities' head of municipal trading, will be based in Dallas where he will establish a municipal trading desk for the region and will focus on trading a wide range of tax-exempt, bank-qualified, and taxable municipal securities, according to a Baird announcement.

"His extensive expertise and deep industry knowledge will be a great asset as we continue to strengthen our municipal platform," Chris Bolger, Baird's institutional fixed income trading head, said in a statement.

Zaptin has more than 25 years of fixed-income experience, including 22 years dedicated to municipals, trading and securities segments, it added.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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