Background:We previously showed that plasmin binding to streptokinase is a three-step mechanism with a slow off-rate. Results: Using rapid kinetics and equilibrium binding, we defined the unknown mechanism of plasminogen binding to streptokinase. Conclusion: Encounter complex formation and conformational tightening are weakened in the three-step binding mechanism. Significance: The results define the molecular basis for plasminogen displacement by plasmin in complexes with streptokinase.