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This paper examines the value drivers and e-business infrastructures for collaborative commerce across two distinct types of business-to-business governance arrangements in financial services, i.e., (a) electronic markets and (b) electronic networks. This paper addresses the changing dynamics underlying global trading communities as they evolve towards greater reach and range of services for the participants. The results of this study indicate that both e-markets and e-networks adopt multiple value drivers focusing on operational and service excellence, and customer added-value. Furthermore, within global trading communities, traditional e-markets - loosely-coupled $are evolving towards collaborative - more tightly coupled - networks, whereas traditional (closed) networks are evolving toward more dynamic trading. The implications for theory, practice, and future research are discussed.