As the share of intermittent renewable energy sources increases, it will be necessary to increase the volume of frequency regulation reserves (FRR). New sources of reserves can be found in distributed energy resources (controllable loads, Electrical Vehicles (EVs), distributed generation units). However, it is necessary to adapt the FRR market-design in order to allow for participation of these new resources through new market actors called “aggregators”. The aim of this article is to provide a modular framework to analyze frequency regulation markets or mechanisms in order i) to make a comparative assessment of four major European frequency regulation markets; ii) to identify barriers to entry for aggregators and iii) to identify some options to overcome them.