The System of Treasury Securities Dealers (TSDs) was introduced at the beginning of 2003 in order to ensure financing of the borrowing requirements of the State budget and to improve liquidity, transparency and effectiveness of the TS market. Participation in the TSD system is limited to Polish and foreign banks which meet requirements stated in the Rules and Regulations Governing the Activities of the TSD.

 

	Treasury Securities Dealers (ranked alphabetically)
1	Bank Handlowy w Warszawie S.A.
2	Bank Pekao S.A.
3	BNP Paribas S.A.
4	Deutsche Bank AG
5	Goldman Sachs Bank Europe SE
6	ING Bank Śląski S.A.
7	J.P. Morgan SE
8	mBank S.A.
9	PKO Bank Polski SA
10	Santander Bank Polska S.A.
11	Société Générale S.A. Oddział w Polsce