Commercial papers are deemed to be fundamental instruments of the financial market. Their aim is to provide for the possibility of a direct funding by issuers at a lower cost, and allocating excess funds by investors. The development of the market is associated with securitization process - exchange of a traditional, personalized loan agreement for a new form - debt securities, or converting debt in the form of marketable securities. In order to avoid consequences of disintermediation, i.e. losing the role of a primary intermediary, banks become active in the commercial papers market. The article presents development of the commercial papers market in Poland, comparison of the types of securities issued, trade-related issues, and a special role of banks, as well as characteristics of investment profitability. Illustrated in tables and graphs data draw our attention to the phenomenon of concentration. In the commercial papers market in Poland we can see predomination of a couple of banks being most efficient and effective: Bank Handlowy w Warszawie SA, ING, Bank Rozwoju Eksportu SA, Bank Pekao SA, RCB. Undoubtedly, rapidly expanding instruments, known as "short-term debt securities", have many advantages that make them attractive to all participants in transactions. Their fundamental features are the following: easy funding, quite simple procedures, frequently lack of collateral, and possibilities to roll over. Finally, an issuance of such securities strengthens firm's position in the market. Investors are given a good, as liquid and profitable instrument, and banks the possibility to widen their offer of services. High profitability of short-term debt securities is the effect of relatively high risk arising from unconsciousness whether the issuer would meet its obligation on a timely basis and in line with terms and conditions agreed. Way of minimizing this risk by investors is of a major concern. Buyers try to reduce it by making short-term deals, requiring issuers to have alternative funding sources, that could be used in case of financial difficulties, and an adequate rating. Evaluating the development of long-term commercial papers market in Poland it should be admitted that it has already reached certain stage and is expanding further. Offers of banks - organizers and issuers - is systematically enriched, mostly with maturities and interest rate types, however, the market's scale and organizational solutions are still far behind world markets. It may become equally well-developed when costs of transaction are relatively low; both instruments and participants are diversified; methods of protection against risk become more efficient; legal solutions are transparent and uniform; liquidity enhances thanks to easy procedures of making and withdrawing from transactions. In the meanwhile, we can hear of taking actions to harmonize legal regulations, establish the Central Clearing House, establish a uniform and liquid secondary market, and introduce book-entry securities. These actions will aim at enhancing the quality of the Polish commercial papers market.