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 seen as one of the most influential players in the nascent market. He did not return a call to his cell phone, but he is reportedly headed to Barclays Capital. That could not immediately be confirmed. Lehman Brothers won the best in LCDS category at Credit Investment News' Annual Best Trading Desk Awards this year.
The arena has been growing since the International Swaps and Derivatives Association approved a confirm for the product and the Loan Syndications and Trading Association approved a physical settlement rider that goes hand-in-hand with the confirm this spring (CIN, 6/9, 6/23). The dealer working group is currently in the process of putting together an LCDS index, dubbed LCDX (7/26).
