Abstract: The high proportion of new energy generation to the grid leads to the reduction of synchronous inertia and frequency response resources of the power system, thereby emphasizing the frequency security issue under large disturbances. Currently, the spot markets lack mechanisms to incentivize the supply of inertial resources. Given the significant value of both synchronous inertia and virtual inertia from energy storage systems, their inclusion in the spot market for efficient clearing could contribute to maintaining the stability of system frequency. Therefore, the differences of inertia and primary frequency response provided by synchronous generator and energy storage are firstly discussed. Then the frequency safety constraints of the two-stage response process based on the energy storage virtual inertia's delay are derived. Secondly, an electric energy, inertia and primary frequency response day-ahead clearing model is proposed, which takes synchronous inertia's "lumpy" characteristic and energy storage reservation factor into account, to obtain the synchronous inertia and virtual inertia values. Finally, the validity of the proposed model is verified based on an example, and the effects of different parameter settings on the clearing results are discussed.