The largest conference this year on Russian capital markets opens in Moscow on Wednesday, indicating growing foreign interest in Russia as a leader among emerging markets.


Lasting for three days at the Radisson Slavjanskaya Hotel, the conference will cover such topics as the domestic and international debt markets, banking, foreign exchange and sector-specific investment opportunities.


A representative of Dow Jones Telerate, which is sponsoring the event along with Sachs Associates, said some 700 participants have registered, and not just traditional Russia investors.


"We're seeing senior management in emerging market areas in big institutions, as opposed to those typically interested in [just] Russia or Eastern Europe, so that's important," said Alex Knaster, managing director at CS First Boston and head of the company's Moscow office.


"Not only is it a big conference in sheer numbers but the quality of attendance is good too," said Knaster, who will be a participant.


Others familiar with capital markets said the conference will likely allow a second wave of more sophisticated investors to conduct research on Russian companies, but they will likely wait until after the December parliamentary elections before starting to invest.


"I think it just shows that people are educating themselves more on Russia and getting ready to invest," said Danielle Downing, research and marketing director at Alliance-Menatep.


"More sophisticated investors are doing it now, and after the elections you'll see more investing," she said.


Knaster said that while there was a small stock market rally in May and June on the heels of some smaller Russia conferences, the same does not necessarily follow for this one.