Monitoring Analytics, the independent market monitor for PJM, has observed market and operational issues in the Regulation Market associated with the definition and application of the marginal benefit factor, optimization, settlements and application of the mileage ratio. The Regulation Market Issues Senior Task Force was formed to evaluate the application of the marginal benefit factor in pricing and settlement in the Regulation Market. This senior task force will analyze alternatives to the current definition and application of the marginal benefit factor in the Regulation Market, and explore solutions to the market and operational issues associated with the current definition and application of the marginal benefit factor in the Regulation Market construct. The RMISTF reports to the Markets and Reliability Committee.