Objective To assess the influence of a variety of HRT regimens on the haemostatic balance using markers of fibrin turnover and inhibitors of coagulation. Design An open randomised study allocating women to either a control group or five different HRT treatment groups. Setting Gentofte Hospital, Hellerup, and Rigshospitalet, Copenhagen, Denmark.Population One hundred and forty-nine postmenopausal women without previous venous thromboembolic disease. Methods Prothrombin fragment 1þ2 (F 1þ2 ), fibrin degradation products, antithrombin, protein C, total protein S and activated protein C-normalised ratio were measured at baseline and after 6 and 12 months of HRT in six groups of healthy postmenopausal women: (A) no HRT (reference group), (B) continuous oestradiol valerate (E 2 V) plus cyproterone acetate, (C) cyclic E 2 V plus cyproterone acetate, (D) continuous combined oestrogen (E 2 ) plus norethindrone acetate, (E) E 2 combined with local delivery of levonorgestrel and (F) E 2 V plus medroxyprogesterone. Main outcome measures HRT-induced changes in the concentration of inhibitors of coagulation and markers of fibrin turnover during 12 months of treatment. Results Significant decreases of antithrombin and protein S were found in all treatment groups, of protein C in Groups C, D, E and F and of activated protein C-normalised ratio in Groups E and F. Fibrin degradation products increased after three months of treatment, whereas F 1þ2 was persistently increased after three months in Group F. The cumulative response of antithrombin was significantly lower in Groups D, E and F than in the reference group. The cumulative response of protein S and activated protein C-normalised ratio was lower, whereas that of F 1þ2 was significantly higher in Group F than in the reference group. Conclusion HRT reduces the inhibitory potential of coagulation significantly. The effect is related to the type of E 2 /progestin combination administered, but seems to be oestrogen-derived as the most pronounced effect is found with only quarterly progestin intake. Such procoagulant activity of HRT may well translate into clinical manifestations in thrombosis-prone individuals.