Congestion management is one of the key functions of any independent system operator (ISO) in the restructured power industry. Improper implementation of congestion management will sabotage the security and reliability of the power system, and the free trading in the markets. Based on a hybrid market structure, this paper presents a new framework for dynamic congestion management when system stability is seriously infringed due to unexpected contingencies. An integrated dynamic congestion management market is proposed, in which all market participants are encouraged to participate by submitting their offers and bids for their owned control means. By optimally utilising the available resources in this market, a system operator can stabilise the postcontingency system in an economical way. A modified Quasi-Newton Method is employed to solve the formulated dynamic optimisation problem. The IEEE 30-bus test system is studied to illustrate the proposed method.