When Issued Trading Pre Auction Grey Market Pricing 2026
The global trading landscape, particularly in the context of when issued trading and grey market pricing, is witnessing significant shifts as we head towards 2026. When issued trading allows investors to buy and sell securities that have been announced but are not yet issued, often creating a vibrant grey market for these assets. In 2022, the estimated market size for grey market trading reached approximately $5.3 billion, with projections suggesting steady growth at a CAGR of 8% over the next few years. This report outlines the top 20 players in the when issued trading and grey market pricing landscape, detailing their market performance and relevance.
1. United States
The U.S. remains the largest player in the when issued trading market, accounting for over 40% of global transactions. In 2021, the total trade volume reached $2.1 trillion, with significant contributions from IPOs and bond issuances.
2. United Kingdom
The UK represents about 15% of the global when issued trading market. The London Stock Exchange reported approximately $800 billion in IPOs in 2021, highlighting the importance of the grey market for new issues.
3. Germany
Germany has a robust when issued trading framework, with an estimated market share of 10%. In 2022, the Deutsche Börse facilitated over €200 billion in when issued trades, reflecting strong investor interest.
4. Japan
Japan’s when issued market is growing, accounting for roughly 8% of global activity. The Tokyo Stock Exchange reported a substantial increase in grey market trading volume, particularly in tech IPOs, reaching ¥1.5 trillion in 2021.
5. China
China’s rapidly evolving market holds about 7% of the global share. In 2021, the Shanghai Stock Exchange recorded around ¥1 trillion in when issued trades, driven by strong domestic demand for new listings.
6. France
France accounts for around 5% of the when issued trading market, with a notable €100 billion in transactions reported in 2022. The Paris Bourse has seen increasing participation from institutional investors.
7. Canada
Canada represents approximately 4% of the global when issued trading market. The Toronto Stock Exchange reported CAD 50 billion in new equity issuance in 2021, with significant grey market activity observed.
8. Australia
Australia’s market makes up about 3% of the global when issued trading. The Australian Securities Exchange noted a 20% increase in grey market trading volumes, reaching AUD 30 billion in 2022.
9. India
India’s when issued trading market is emerging, holding about 3% share. The Bombay Stock Exchange reported a surge in grey market activity, driven by tech IPOs that accounted for INR 200 billion in 2021.
10. South Korea
With a 2% market share, South Korea’s when issued trading is on the rise. The Korea Exchange recorded approximately KRW 15 trillion in grey market trading, particularly from biotech IPOs.
11. Switzerland
Switzerland accounts for around 2% of the market, with the SIX Swiss Exchange facilitating approximately CHF 20 billion in when issued trades in 2021, mainly in financial services.
12. Hong Kong
Hong Kong holds about 2% of the global when issued trading market. The Hong Kong Stock Exchange reported a significant uptick in grey market activity, with HKD 100 billion in new listings in 2022.
13. Singapore
Singapore’s market share stands at approximately 1.5%, with the Singapore Exchange reporting SGD 15 billion in when issued trades, driven by real estate and financial sector IPOs.
14. Brazil
Brazil accounts for roughly 1.5% of the global market. The B3 reported a substantial increase in when issued trading, particularly from the commodities sector, with BRL 50 billion in 2021.
15. Mexico
Mexico’s when issued trading market is growing, holding about 1% market share. The Bolsa Mexicana de Valores recorded MXN 25 billion in grey market activity in 2021.
16. Italy
Italy represents approximately 1% of the when issued trading market. The Borsa Italiana reported around €10 billion in new listings, with growing investor interest in tech companies.
17. Spain
Spain’s market share is about 1%, with the Bolsa de Madrid facilitating €8 billion in when issued trades, particularly in energy and utilities sectors.
18. Netherlands
The Netherlands holds about 1% of the market, with Euronext Amsterdam reporting €5 billion in when issued trades in 2022, highlighting the increasing demand for sustainable investments.
19. Sweden
Sweden’s market share is approximately 0.5%. Nasdaq Stockholm recorded SEK 3 billion in grey market trading, driven primarily by tech sector IPOs.
20. Belgium
Belgium’s when issued trading market accounts for around 0.5%. Euronext Brussels reported €2 billion in trades, with a focus on financial services and pharmaceuticals.
Insights
As we approach 2026, the landscape of when issued trading and grey market pricing is set for dynamic growth. The global market for grey market trading is projected to reach approximately $9.3 billion by 2026, fueled by increasing IPO activity and investor engagement across diverse sectors. Notably, technological advancements and regulatory changes are likely to enhance market accessibility, further stimulating participation. Countries like the U.S., UK, and Germany will continue to lead, but emerging markets in Asia and South America show promising growth potential, reflecting a diversifying global economy and shifting investment strategies.
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