This paper introduces the market structure of the Pennsylvana-New Jersey-Maryland (PJM) regional power market and the Nordic power market, focusing on the analysis of European market coupling and PJM cross-market trading process. By referring to the construction experience of the foreign regional spot market, and comprehensively considering the status of defaulting province as an entity as well as difference development between provinces in the southern region of China, three different cross-regional trading methods are proposed for the southern spot market under the “Southern Regional Power Spot Market Construction Work Plan”, and relevant recommendations are made for the standby and frequency modulation of the southern regional power market.