We think backfill bias is a natural result of the research process and arises when a manager is constructing an entirely new program or adding a new model to an existing program. In its simplest form, a manager begins by developing an investment thesis, then constructs the strategy using in sample data and tests on an out of sample data set.
CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.