Serpins inhibit proteinases through a complicated multistep mechanism. The precise nature of these steps and the order by which they occur are still debated. We compared the fate of active and S195A inactive rat trypsin upon binding to ␣ 1 -antitrypsin and P 1 -Arg-antichymotrypsin using stopped-flow kinetics with fluorescence resonance energy transfer detection and timeresolved fluorescence resonance energy transfer. We show that inhibition of active trypsin by these serpins leads to two irreversible complexes, one being compatible with the full insertion of the serpin-reactive site loop but not the other one. Binding of inactive trypsin to serpins triggers a large multistep reversible rearrangement leading to the migration of the proteinase to an intermediate position. Binding of inactive trypsin, unlike that of active trypsin, does not perturb the rhodamine fluorescence at position 150 on the helix F of the serpin. Thus, inactive proteinases do not migrate past helix F and do not trigger full serpin loop insertion.Serpins are a family of mainly serine proteinase inhibitors, although some members also inhibit cysteine proteinases whereas others have evolved into non-inhibitory forms such as hormone carriers and immunomodulatory factors (1). Serpins have roles in many regulatory processes including fibrinolysis, complement activation, and blood coagulation. The human genome contains more serpins than other classes of serine proteinase inhibitors (2). Whereas canonical inhibitors such as BPTI 1 form non-covalent reversible complexes with their target proteinases, serpins operate through a complex multistep pathway leading to an irreversible covalent adduct. The crystal structure of one of these complexes (3) shows that the reactive site loop of the serpin has been cleaved at the P1-PЈ1 position and has inserted into the A -sheet in a conformation close to that obtained by cleaving the loop with a non-inhibited proteinase. This 70-Å translocation of P1 has dragged the proteinase to the opposite pole of the serpin. The tertiary structure of the complex also confirms that the proteinase forms a covalent acyl-enzyme with the P1 residue of the inhibitor (4 -6) and that the catalytic triad of the enzyme is distorted (7). Recently, the three-dimensional structure of a complex between S195A trypsin and an active site loop modified insect serpin has been solved (8). The position of the proteinase on the top of the uncleaved and uninserted loop suggests that it provides a good model of the first reversible encounter complex, the so-called Michaelis-type complex, which has previously been studied kinetically (9). This complex is converted to the final complex via multiple steps, including irreversible acylation and several reversible steps (10 -12). The nature of these steps is debated. Evidence has been given that one or several conformational changes occur before acylation of the P1 amino acid (11, 13-15). These conformational changes were rate-limiting for some serpin-proteinase pairs (11, 13). However, other authors u...