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This paper discusses the role of e-markets as intermediaries in the Australasian B2B e-space. The discussion and findings of this paper are from a research project that investigated the business and operational issues of these intermediaries as highly volatile business entities in 2002 and an evaluation of these same e-markets in 2005 to determine the changing trends. This paper presents business opportunities, revenue models from intermediary services, factors contributing to success and the challenges e-markets faced in 2002 and in 2005.