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The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater
impact on funds with longer average life.
Average rate of return (ARR)
The ratio of the average cash inflow to the amount invested.
Average tax rate
Taxes as a fraction of income; total taxes divided by total taxable income.
Away
A trade, quote, or market that does not originate with the dealer in question, e.g., the bid is 98-10 away from
me.
Away from the market
Used in context of general equities. Out of line with the inside market at this point in time, such as when a
bid on a limit order is lower or the offer price is higher than the current market price for the security; held by
the specialist for later execution unless F.O.K. Antithesis of in-line.
Away from us
Used in context of general equities. Involving a competing broker/dealer. Trading away from us signifies that
stock was being bought and/or sold with institutions using other trading firms. Markets away signify that the
bid or offering being quoted is from another firm, but the Investment bank may be getting a preference call.
Away from you
Used for listed equity securities. See: outside of you.
Axe to grind
Used in context of general equities. Involvement in a security, whether through a position, order, or inquiry.
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