Definition - What does Backing Away mean?
Backing away is the failure of an over the counter market maker to honor firm quotes and a violation of FINRA rules.
Testopedia explains Backing Away
When a market market enters a quote over the NASDAQ work station or one who provides a priced quote over the phone without qualifying the quote has presented a firm quote to the market. The market maker is obligated to honor that quote and to trade at those prices. If the market maker fails to honor the quote the market maker has backed away from a a firm quote and has committed a violation of FINRA rules.