4. PA stimulation of Na+-Ca2+ exchange is markedly dependent on intracellular Ca2+ and Mg2+ ions. Below 0 5,uM Ca2+ PA effect is negligible, becoming noticeable between 0 8 and 2 ,M. In addition, Ca2+ considerably increases the rate at which PA activates the Na+-Ca2+ exchange. Although there is no absolute requirement of the PA effect for Mg2+ ions, this divalent cation largely stimulates the PA effect. 5. This work demonstrates, for the first time, the presence in squid axons of a new form of metabolic regulation of the Na+-Ca2P exchange directly and solely related to PA and different from that of MgATP. This novel mechanism is likely to play a physiological role in Ca2+ extrusion through the Na+-Ca2+ exchanger, particularly at micromolar [Ca2+]i.