grey market

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun business The buying and selling of goods through distribution channels other than those authorized or intended by the manufacturer or producer.
• noun finance The trading of shares before they are listed on the stock exchange.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun an unofficial market in which goods are bought and sold at prices lower than the official price set by a regulatory agency