Phosphoenolpyruvate carboxylase appears to be located in or associated with the chloroplasts of Crassula. As has been found with this enzyme in other CAM plants, a crude extract of leaves gathered during darkness and rapidly assayed for phosphoenolpyruvate carboxylase (PEPc) activity is relatively insensitive to inhibition by malate. After illumination begins, the PEPc activity becomes progressively more sensitive to malate. This enzyme also shows a diurnal change in activation by glucose-6-phosphate, with the enzyme from dark leaves more strongly activated than that from leaves in the light.When the enzyme is partially purified in the presence of malate, the characteristic sensitivity of the day leaf enzyme is largely retained. Partial purification of the enzyme from dark leaves results in a small increase in sensitivity to malate inhibition.Partially purified enzyme is found by polyacrylamide gel electrophoresis analysis to have two bands of PEPc activity. In enzymes from dark leaves, the slower moving band predominates, but in the light, the faster moving band is preponderant. Both of these bands are shown by sodium dodecyl sulfate-polyacrylamide gel electrophoresis to be composed of the same subunit of 103,000 daltons.The enzyme partially purified from night leaves has a pH optimum of 5.6, and is relatively insensitive to malate inhibition over the range from pH 4.5 to 8. The enzyme from day leaves has a pH optimum of 6.6 and is strongly inhibited by malate at pH values below 7, but becomes insensitive at higher pH values. Activation by glucose-6-phosphate is of the mixed type for the day form of the enzyme, causing both a decreased K,,, for phosphoenolpyruvate and an increased V.,,,,, but the night, or insensitive, form shows only an increase in V,,., in response to glucose-6-phosphate.The daily cycle of nonphotosynthetic CO2 fixation followed by decarboxylation to produce CO2 within leaves closed to gas ' Such a system depends on the sequential use of the product of one set of reactions as the substrate of the next. For example, pyruvate produced by the malic enzyme can be converted to PEP by puruvate kinase to become the substrate of PEP carboxylase. The malate produced by PEPc and malate dehydrogenase from this PEP is the substrate of malic enzyme. Such a sequence of reactions is certain to become a futile cycle unless the components of the system are under rigid control. The central role of malate in such a system is apparent. It has been shown that high concentrations of malate such as those which accumulate during the night in most CAM plants are capable, particularly in conjunction with a low pH, ofconverting the NAD malic enzyme from a low activity dimeric form to a high activity tetramer (21). Malate has long been postulated as a means of regulating the activity PEPc (10), and studies with crude extracts of CAM plant leaves have shown (11,19,22) that during the day the enzyme is strongly inhibited by malate, while after short periods of darkness it is relatively insensitive to inhibition...