What Trades on the Gray Market? Spell it with an “e” or an “a” or call it by its other name -- gray sheets – the gray market is unlike other exchanges. This unregulated marketplace was established to trade stocks waiting in the wings to be listed on larger exchanges or to trade those unable to qualify for the big exchanges. Not every stock is associated with an IPO; some gray market stocks are issued by start-up or spin-off companies looking to test the waters before spending the time and money it takes to woo a major exchange. You’ll also find fallen angels on the gray market -- stocks once traded on major exchanges such as the Nasdaq that may have suffered financial misfortunes or failed to meet Securities and Exchange Commission requirements.
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