The System of Treasury Securities Dealers (TSDs) was introduced at the beginning of 2003. It limited the access to the Treasury Securities (TS) primary market to entities with the status of TSD. The System of TSDs was implemented 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 competition for TSD is limited to Polish and foreign banks, which meet requirements stated in The Rules and Regulations Governing the Activities of the TSD.