The Expert Market is a private market established to serve broker-dealer pricing and best execution needs in securities that are restricted from public quoting or trading.
Stocks that are in the Expert Market are still Grey Market stocks, but there is an important difference. In the Grey Market no bids are quoted. There is no Level 2. We are all blind. But in the Expert Market, while bids and asks are still not quoted publicly, the Market Makers can see bids and asks, making it easier for them to facilitate trades. Recently we have seen a number of Grey Market stocks experience runs once they are in the Expert Market.