This mod replaces vanilla implementations of Open, Black, and Military markets. Same as Nexerelin. It implements Nexerelin functionality for Military Market (commission check for alliances), but DOES NOT implement optional Nexerelin functionality of doubling number of weapons and LPCs (because the point of this mod is to make it scarce in the first place). As far as I know, Nexerelin is the only mod that replaces vanilla markets. You may consider this mod compatible.
From coding point of view it is compatible with all mods. From a gameplay point of view, it might cause some odd situations. For example, imagine a mod that adds a combat ship that can only be purchased at Open Market, never is part of any fleet, and does not show up as derelicts anywhere... With Military Regulations, that ship will now never be purchasable from Open Market, thus not acquirable. You may consider this mod incompatible.
So you really need to understand what the mods you play with do, and whether this mod will break them, and if yes, is it within expectations and if it is acceptable.
Hope that helps