Backing away financial definition of backing away
Also found in: Dictionary
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.
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.
References in periodicals archive
I don't find it any harder to shoot to 12 o'clock while my body is moving to 3 or 9 o'clock, than to shoot in the same direction while backing away
toward 6 o'clock.