diff --git a/apps/token/src/i18n/translations/dev.json b/apps/token/src/i18n/translations/dev.json
index 3d8e605c2..ca688cfa5 100644
--- a/apps/token/src/i18n/translations/dev.json
+++ b/apps/token/src/i18n/translations/dev.json
@@ -675,6 +675,7 @@
   "ProposeUpdateMarketChanges": "terms.changes (JSON format)",
   "SelectAParameterToChange": "Select a parameter to change",
   "SelectParameter": "Select parameter",
+  "SelectMarket": "Select market",
   "CurrentValue": "Current value",
   "NewProposedValue": "New proposed value",
   "MoreProposalsInfo": "To see Explorer data on proposals visit",
diff --git a/apps/token/src/routes/governance/propose/update-market/propose-update-market.tsx b/apps/token/src/routes/governance/propose/update-market/propose-update-market.tsx
index 96c6b6ac1..391a1bb79 100644
--- a/apps/token/src/routes/governance/propose/update-market/propose-update-market.tsx
+++ b/apps/token/src/routes/governance/propose/update-market/propose-update-market.tsx
@@ -231,6 +231,7 @@ export const ProposeUpdateMarket = () => {
                     })}
                     onChange={(e) => setSelectedMarket(e.target.value)}
                   >
+                    <option value="">{t('SelectMarket')}</option>
                     {sortedMarkets.map((market) => (
                       <option value={market.id} key={market.id}>
                         {market.tradableInstrument.instrument.name}