NEW YORK - At the Securitization in Emerging Markets conference held by the New York Society of Security Analysts, speakers were all over the map, but a single country cropped up repeatedly in the string of talks: Russia. Some attendants sounded a cautionary note on the country; while others, notably boutique shop Greenwich Financial Services, were more optimistic. Either way, the feeling was that Russia couldn't be ignored.

For credit analyst Igor Axenov at Genworth Financial Asset Management, risks related to securitization are still pervasive in the country. In the banking sector, for instance, service is lacking, he said. "Depending on how you're introduced, you're treated differently," Axenov added, saying that foreign banks that have set up shop in Russia haven't necessarily done a better job. "There is a low quality of all banking services for non VIP customers."

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