Abstract: Emissions trading is a market-based yet effective approach to mitigating pollution emissions.Since a fossil-fueled power plant represents a main pollution emitter and,as a result,implementation of emission trading will increase its production cost,thus decreasing its profit in the electricity market concerned.Consequently,this will have a significant impact on future generation investment decision-making and the operation of the power industry as a whole.Against such a background,a mathematical model is developed for investigating the game and equilibrium state of a period-spanning multi-market with different kinds of market participants taking part in energy,reserve,point-to-point financial transmission right（FTR） as well as emissions trading markets.This complicated problem is formulated as a well-established mixed linear complementation problem（MLCP）.The market participants considered include generation companies,FTR owners,arbitrageurs and electricity consumers.Finally,an illustrative example is given to demonstrate the essential characteristics of the model and method developed.