Stochastic power generation is the new reality in power system management. Voltage Control mechanisms based on physical assets of the power system are deemed inadequate and are not guaranteed to lead the energy transformation in a way that ensures system security as well as cost-effective operation. Many countries that recently attained deregulated Balancing Market environments are in need of regulatory provisions and rigorous extension of electricity market mechanisms. On 1 November 2020, the Greek Electricity Market commenced operations conforming to the European Target Model. Apart from the innate difficulties a transformation such as this contains, more challenges occur as Greece is bound by European law to design market-based incentive mechanisms to remunerate Ancillary Services provided to the power system. This paper aims to examine some of the technical and regulatory aspects linked with—future—Transmission System Operator (TSO) and Distribution System Operator (DSO) cooperation in overcoming local transmission system problems concerning Voltage regulation. The interaction between localized Voltage Control Market (VCM) and the Balancing Market, the incorporation and competition of Distributed Energy Resources (DER) and Transmission Energy Resources (TER) within the VCM along with the TSO - DSO procedures and products standardization are the focus points of the present research paper.