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Describing a situation in which a contract must be completed, depriving an investor of potential gains. For example, if an option is exercised, the person who owns the underlying must buy or sell it at the agreed upon price, which is usually different from its fair market value, to the disadvantage of the owner. "Called away" is a term most often used with options that are exercised, short sales that must be delivered, or a bond redeemed before maturity.
Used to refer to the forced sale of a security by an investor because of the action of another party. For example, the writer of a call option has the underlying stock called away when the call owner exercises the option. Likewise, a bondholder may have bonds called away by the issuer if interest rates decline and the issuer decides to redeem a portion of the issue before maturity. In nearly all cases, a call works to the disadvantage of the owner of the security.