We examine the prevailing factors influencing the uptake, scope and modality of internet-worked trade amongst Small and Medium Enterprises (SMEs) and the extent to which this effectively re-defines our notions of what constitutes viable and attractive local, regional or global trading zones as viewed by SMEs for the purpose of Electronic Commerce (EC). It is noted that such de-facto re-definitions, for some potential internet transactors, may arise through their preference to operate within the virtual sub-space confined to those zones or modes of electronic trade which are perceived by them as relatively more familiar and secure. The factors responsible for the paradox between this and the modern market metaphors of global village and virtual borderless world are examined in the context of evolving notions of virtual network enterprises or Net-conurbations with the development of intranets and extranets.