Market, gray (grey market; restricted securities market)

In the financial markets – transactions in financial products and, in particular, securities, – offered by providers not supervised by the supervisory authorities – usually within certain social groups. – The pre-market trading of institutional investors after the announcement of the subscription range and before the first listing of a security. This is made possible by the fact that, as a rule, permanent large investors and, above all, fund managers are already committed to a certain number of units before the allocation to small investors, and they may then already sell these papers – usually shares – at a profit (the period between the setting of the price and the effective delivery of papers; these papers are traded on the grey market even though they do not technically exist. Transactions on the grey market are unwound [are settled] after settlement, delivery and the first official quotations). – See
Agiotage, blue-sky laws, daimonion, representation currency, dingo values, domicile concealment, financial vultures, ghetto banking, foundation fraud, hawala, high-risk countries, Internet forums, capital market, gray, credit ceiling, offshore financial centers, parallel banking, avenging angels, shadow banking, late trading, underground banking, comprehensibility, angle brokers, secondary placement. – Cf. BaFin Annual Report 2003, p. 73 f., BaFin Annual Report 2004, p. 83 (definition there), and the respective BaFin Annual Report.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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