In this paper, a new model has been introduced for scheduling of a multi-microgrid consisting of low voltage microgrids, distributed generation resources and interruptible loads. In this model, system operator runs its internal market, then by using the results and modeling the upstream market, the internal market is finally cleared based on nodal prices and considering network losses. Furthermore, the model has been extended by introducing the multi-microgrid reactive power market and simultaneous running of active and reactive power markets, to maximize social welfare. Finally, the proposed model has been applied on a test network as a case study in order to evaluate the proposed algorithm.