Jeremy Vogelmann, Lehman Brothers' loan-only credit default swap trader, left the firm earlier this week. Vogelmann, along with Doug Grossberg at Credit Suisse, is widely seen as one of the founding fathers in the nascent market. He did not return a call to his cell phone, but he is headed to the New York desk of Barclays Capital.
Vogelmann, Grossberg and a handful of other dealers and buysiders, including Jeff Kushner of BlueMountain Capital Management, began working on a standard form for LCDS back in November. This led to the International Swaps and Derivatives Association approving a confirm for the product and the Loan Syndications and Trading Association approving a physical settlement rider that goes hand-in-hand with the confirm this Spring. The dealer working group, which hosted its first meeting at Lehman Brothers in May, is currently in the process of putting together an LCDS index, dubbed LCDX.