We have examined the time-dependent appearance of amidolytic activity in equimolar complexes of streptokinase (SK) and human [Glul]plasminogen (HPg) under various conditions. When stoichiometric levels of the two proteins are incubated and assayed in hypotonic buffers at 4°C, amidolytic activity toward the chromogenic substrate D-ValLeu-Lys-p-nitroanilide (S-2251), within the resulting complex, appears with an observed first-order rate constant of 1.03 ± 0.06/min. On the other hand, when the assay for amidolytic activity is conducted at a Cl-concentration of 0.15 M, this same activity develops with an observed first-order rate constant of 0.13 ± 0.01/min. Under all conditions of assay of importance to the mechanism proposed, the only molecular components present are SK and H]Pg. The rate of appearance of an enzyme species displaying amidolytic activity is dependent on the anion in its assay; a much slower rate constant is obtained with Cl than with AcO-. These observations are consistent with the formation, within the complex, of an early anion-sensitive active site (SK-HPg*) that is converted to a form (SK-HPg') that is much less sensitive to the presence of anions. During the time period of this process, no conversion of plasminogen to plasmin occurs within the complex. Steadystate kinetic properties of SK-HPg* and SK-HPg' have been measured toward the substrate S-2251. Consistent with the mechanism suggested above, the amidolytic activity of SK-HPg* is inhibited by Cl to a much greater extent than is that of SK-HPg'.Fibrinolytic activity in mammalian plasma is primarily expressed through the action of plasmin, a serine protease generated consequent to activation of its plasma protein precursor, plasminogen. This activation occurs as a result of cleavage of a single peptide bond, ArgSWq-Vall6l, in the zymogen (1) and is mediated by a variety of proteins, such as urokinase (2), streptokinase (SK) (3), and tissue activators (4). Of these, the bacterial protein SK is unique in that it does not appear to be a protease, since a synthetic substrate, or a protein substrate, for SK, other than plasminogen, has not as yet been identified.Current understanding of the mechanism whereby SK activates human plasminogen (HPg) is based on studies that correlate appearance of enzymic activity with the molecular species of proteins present in equimolar complexes of HPg and SK (for a comprehensive review of this area, see ref. 5). From such work, it has been concluded that the major activators of HPg are equimolar complexes of SK and HPg (6), in which an active site has developed in the plasminogen moiety of the complex (7), and a similar complex of SK and human plasmin (HPm), which uses the active site present in HPm for its activator activity (8). This latter complex forms by intramolecular (9, 10) peptide bond cleavage of HPg, within the SK-HPg complex, and/or by stoichiometric interaction of SK with previously formed HPm.Recent work from our laboratory has shown that at very early reaction times, at least two types o...