Abstract: As an indispensable part of the electricity market architecture,the spot market not just plays a fundamental role in support to the whole market to be open,competitive and orderly operative,but also crucial to coordinating the relation between effective market transactions and security system operation.Firstly,latest practical experience of major electricity markets are compared and comprehensively analyzed.Then,the architecture and construction manner of spot market are dissected and the intrinsic logic of the spot market design is summarized.Furthermore,several crucial issues and fundamental elements of spot market are analyzed and discussed in detail,including the market trading volume mix,market clearing manner and the corresponding physical models,pricing mechanism,market power detection and mitigation mechanism,and its coordination with the bilateral market as well as the financial market.Finally,corresponding policy suggestions for constructing electricity spot market adapted to direct electricity purchase by large consumers in China are proposed.