backing away

Back Away

To withdraw from a previously stated intent to conduct a certain transaction. For example, if a broker-dealer expresses an interest in buying shares of Stock X and then changes his/her mind, the broker-dealer is said to back away from the transaction.

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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.

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.