Gray Market

1. An unofficial market where new issues of shares are bought and sold before they become officially available for trading on the stock exchange.

2. The sale or import of goods by unauthorized dealers.






Taobiz explains Gray Market
1. Trading in gray or "when-issued" markets can provide a good indication of demand for a new issue.

In some parts of the world "gray" is spelled "grey".

2. In this case, items that were manufactured abroad and imported into a country without the consent of the trademark holder would be a gray market good.