backing away

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Backing Away

The act of a market maker failing to honor a posted bid or ask even though the price and quantity are valid.

Notes:

The NASD does not condone the act of backing away from transactions and will take disciplinary action if certain regulations are broken. For example, if a market maker backs away from transactions near the end of a trading day, he or she is violating NASD regulations.

backing away

The failure of a market maker to honor a previous bid for a minimum quantity of a security. The National Association of Securities Dealers considers backing away to be unethical.

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