**7. Conclusions**

Since the beginning of 2015, China has been in the process of electricity market reform, and all provinces or regions are actively exploring the suitable market mechanism and construction. In this paper, a new trading mechanism is proposed, which is characterized by a sequential bidding and clearing process that integrates CA and CDA. The clearing model of the CBT, with the maximum goal of social welfare for the two bidding stages, is introduced. A two-stage integrated market clearing algorithm is designed to ensure data consistency and business continuity. Finally, the trading platform based on the CBT mechanism is established and has been applied in the YNEM. The analysis results and practical application throughout one year illustrate that the proposed model, algorithm, and various key measures in the trading platform support the business development of the CBT well. It shows that sellers and buyers actively take part in the electricity market and can take the initiative to adjust their bidding wills in two stages, according to the price signals of the market, in order to win the desired electric volume. From a practical point of view, the CBT can promote market competition and price discovery, alleviate information asymmetry, and improve transaction e fficiency.

Certainly, the CETP also has some weakness, including the following two points: (1) market entity could not timely receive market quotation information because of poor network condition; (2) the logical verification is less e fficient for many bidding orders in a few paralleled electricity markets because the program is running in the same server machine. We will look at solving these problems as our next step.
