Orthophosphate (P i ) has two antagonistic effects on ribulose-1,5-bisphosphate carboxylase/oxygenase (Rubisco), stimulation of activation and inhibition of catalysis by competition with the substrate RuBP. The enzyme binds P i at three distinct sites, two within the catalytic site (where 1P and 5P of ribulose 1,5-bisphosphate [RuBP] bind), and the third at the latch site (a positively charged pocket involved in active-site closure during catalysis). We examined the role of the latch and 5P sites in regulation of Rubisco activation and catalysis by introducing specific mutations in the enzyme of the cyanobacterium Synechocystis sp. strain PCC 6803. Whereas mutations at both sites abolished the P i -stimulated Rubisco activation, substitution of residues at the 5P site, but not at the latch site, affected the P i inhibition of Rubisco catalysis. Although some of these mutations substantially reduced the catalytic turnover of Rubisco and increased the K m (RuBP), they had little to moderate effect on the rate of photosynthesis and no effect on photoautotrophic growth. These findings suggest that in cyanobacteria, Rubisco does not limit photosynthesis to the extent previously estimated. These results indicate that both the latch and 5P sites participate in regulation of Rubisco activation, whereas P i binding only at the 5P site inhibits catalysis in a competitive manner.Activation of ribulose-1,5-bisphosphate carboxylase/oxygenase (Rubisco, EC4.1.1.39) is essential for catalysis and occurs by carbamylation of Lys-201 and binding of Mg 2ϩ by the carbanion (14). Several effectors, mostly anions such as orthophosphate (P i ), sugar-phosphates, sulfate, and NADPH, modulate the activation process via a mechanism that is still controversial (2,3,5,11,12,16,18,20,21,26). It is accepted that these compounds evoke activation by elevating the carbamylation level, presumably by slowing the rate of enzyme deactivation (3, 12, 18). Nonetheless, evidence was brought that in addition to stimulation of Rubisco carbamylation, P i also enhances the activation of the enzyme without a parallel increase in the carbamylation level (16,21). Whereas McCurry et al. (18) reported monophasic, hyperbolic P i concentration-dependent activation of Rubisco, nonmonotonously biphasic kinetics was obtained in other, more recent studies (2, 16), indicating that P i stimulates enzyme activation via a mechanism that involves multiple interacting sites (28).Paradoxically, in addition to the stimulatory effect on activation, the effectors also inhibit the catalytic activity of the enzyme by competing with the substrate ribulose 1,5-bisphosphate (RuBP) (3, 16). Based on the observation of McCurry et al. (18) and the ability of the transition state analog carboxyarabinitol-bisphosphate to prevent 6-phosphogluconate from binding, Badger and Lorimer (3) suggested that inhibition of activity and stimulation of activation are both induced by effector binding to the catalytic site. Although this would imply that RuBP competitively inhibits the stimulation...