Recent advances in networking technology have increased the potential for dynamic enterprise collaborations between an open set of entities on a global scale. The security of these collaborations is a major concern, and requires novel approaches suited to this new environment to be developed. Trust management appears to be a promising approach. Due to the dynamic nature of these collaborations, dynamism in the formation, evolution and exploitation of trust is essential. In this paper we explore the properties of trust dynamics in this context. Trust is formed and evolves according to personal experience and recommendations. The properties of trust dynamics are expressed through a formal model of trust. Specific examples, based on an e-purse application scenario are used to demonstrate these properties.