grey market

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Gray Market

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

grey market

an ‘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
References in periodicals archive ?
Dubai Apple fans in the UAE, hungry to be the first proud owners of the newly released iPhone 4S, are snapping up grey-market smartphones after the second-generation mobile device was officially launched last Friday in North America.
Report: UAE retailers hail Apple Store as grey-market antidote
Dubai Impatient iPhone 4S fans are paying as much as Dh7,999 for the grey-market version of the phone in the UAE.
Meanwhile, with untold numbers of the latest Apple sensation flying off Dubai shelves, grey-market sales of the iPad could lead to a string of disappointed consumers if the first-generation media and computing device develops serious glitches that won't be covered by Apple.