The nominations are in and there are six candidates in the running to the next leader of the Conservative Party.

The remaining steps of the contest are planned to be:

• MPs will vote in multiple rounds. In each round, the candidate with the least votes is eliminated (candidates who were close to losing quite often drop out at this point as well) and the others go through to the next round of voting

• If there are more than four nominees, MPs will vote on candidates to whittle them down to the final four in time for Conservative Party conference

• The final four candidates will give their pitch at the conference (29th Sep to 2nd Oct)

• MPs will continue voting to get down to the final two candidates

• The Conservative Party membership will vote on the final two candidates

• The new leader will be announced on 2nd November

The first vote among MPs is expected in a few weeks. Who will be the first candidate to be eliminated?

• If a candidate withdraws or is expelled before the first vote, the market will resolve to that candidate

• If the first vote is between the six candidates listed, the market will resolve to the candidate who gets the fewest votes and is eliminated

• If the candidate with the fewest votes is eliminated and another candidate drops out at the same time (eg. because they got almost as few votes and know that they can't win), the market will only resolve to the candidate who got the fewest votes

• The intention is to resolve to one candidate, but if it is impossible to separate two eliminated candidates (eg. two candidates make a joint announcement that they are withdrawing or two candidates tie for the fewest votes and both withdraw rather than drawing lots), the market will resolve 50/50 to those candidates.

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