grey market(redirected from Gray-market)
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Trade using unofficial and unregulated, but still legal, means. In securities, a gray market typically refers to trade in bonds or stocks not yet issued. These sales are contingent upon the issuance actually taking place, and are sometimes considered benchmarks for how successful the issuance will be. Another example of a gray market is the pharmaceuticals industry, in which buyers in different countries sometimes pay very different amounts. Buyers in the more expensive country may travel to the other country to buy their medicines, creating a gray market.
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grey marketan ‘unofficial’ market in newly issued shares prior to their being formally listed and traded on the STOCK EXCHANGE. See SHARE ISSUE.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005