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.