Longman Dictionary of Contemporary English homepage

grey market

 noun
     
grey market British English ; gray market American English [countable]
1 the system by which people buy and sell goods that are hard to find, in a way that is legal but not morally good or correct [↪ black market]
2 technical a situation in which people are buying and selling shares just before they are officially made available to be sold for the first time
Definition from the Longman Dictionary of Contemporary English
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