Treasury BondSpot Poland

Established on November 25, 2004, Treasury BondSpot Poland (previously MTS Poland Market) resulted from our cooperation with an Italian company – MTS S.p.A., the first European electronic market for government bonds and the founding member of MTS Group. Today, the group of MTS companies - MTS Galaxy is the leading market in Europe for the trading of fixed income securities. It has over 1.000 participants throughout Europe, with average transaction volumes exceeding 85 billion euros a day (single-counted).

Treasury BondSpot Poland, the successor of the Electronic Treasury Securities Market (2002 - 2004), is an integral part of the Primary Dealer system developed by the Ministry of Finance in cooperation with the National Bank of Poland, the National Depository for Securities, and banking environment. The main objective of the scheme is to reduce the cost of public debt service through the improvement of liquidity, transparency, and effectiveness of the treasury securities market.
The Primary Dealer system creates new principles of trading in treasury securities. Primary Dealers have an exclusive right to purchase treasury securities on the primary market with an intention for their future resale among others on Treasury BondSpot Poland.

Currently, Treasury BondSpot Poland has 33 participants, including 14 banks holding the status of Primary Dealer.
In 2005, Treasury BondSpot Poland participants were joined by international financial institutions thanks to the launch of the platform based on latest technologies applied on European markets.
Treasury BondSpot Poland participants can act on the market either in the capacity of Market Makers or Market Takers.

  • Market Makers – eligible financial institutions designated as Primary Dealers by the Ministry of Finance as well as other institutions willing to participate as Market Makers. They must commit to market making obligations for assigned securities with a defined maximum spread and a minimum size
  • Market Takers – eligible financial participants who are not able to enter quotes into the system but are able to place orders against quotes provided by Market Makers
  • Institutional Investors - eligible financial institutions who are able to place only direct RFQ (Request For Quote) addressed exclusively to Market Makers

Primary Dealers and the candidates for Primary Dealers are obliged to participate in the market as Market Makers.

Treasury BondSpot Poland is a wholesale market dedicated for the trading of treasury bonds and treasury bills. Minimum lots of PLN 5 million and multiples thereof can be traded on the market.

Fixing prices of securities being reference prices for the domestic debt market are set twice a day during two fixing sessions each trading day.