The grey market (or gray market) usually refers to the flow of new goods through distribution channels other than those authorized or intended by the manufacturer or producer.
Wikipedia article "Grey market".
Consumer goods: sale of products by unauthorized dealers, frequently at discounted prices. Consumers who buy gray market goods may find that the manufacturer refuses to honor the product warranty. In some cases, gray market goods may be sold in a country they were not intended for, so, for example, instructions may be in another language than the home market language.
Securities: sale of securities that have not officially been issued yet by a firm that is not a member of the underwriting syndicate. Such trading in the when-issued, or gray, market can provide a good indication of the amount of demand for an upcoming new stock or bond issue.