The Treasury Market Practices Group, a group of industry professionals that support the efficiency of US government securities markets, warned of risks to such markets posed by automated traders, and issued a white paper containing best practice recommendations for both trading venues and traders. Among other things, the TPMG recommended that traders should not engage in trading strategies that “compromise market integrity,” including “those that give a false impression of market price, depth, or liquidity.” The group suggested that such activity includes trading commonly known as “spoofing,” “painting the tape” and improper self-trading. The TPMG also recommended that traders (1) formally adopt and adhere to policies prohibiting manipulative trading strategies; (2) adhere to “a robust change control process” for developing, testing and rolling out new trading technologies and algorithms; and (3) be mindful of the impact of changes to their trading strategies on market liquidity if they constitute a material share of daily trading volume. The TPMG—sponsored by the Federal Reserve Bank of New York—consists of senior business managers and legal and compliance professionals from a range of financial institutions including securities dealers, banks, buy-side firms, market utilities and others.