Of the former Eastern European states, the Czech Republic has been one of the more successful to establish financial and capital markets, and many investment banks have begun exploring the possibilities, one of which being the development of securitization techniques. For that reason, and because of the CRA's advantageous geographical position in Prague, Moody's will be getting a foothold in a developing region. "Prague already is a regional intermediation and conference hub for Central and Eastern Europe's growing markets," explained Chester Murray, European managing director at Moody's. "The affiliation of CRA with Moody's is a recognition of CRA's reputation in the Czech market," opinioned Peter Vins, chairman of the CRA. "CRA has a strong position in its home market and with the Moody's affiliation, CRA and Moody's will be able to build strong positions in Central and Eastern Europe."