The properties of native streptokinase and streptokinase purified from the human plasminogen activator complex (altered streptokinase) have been compared. Native streptokinase possesses a molecular weight of 44,000 and a s°o,w value of 3.03 S whereas the values for altered streptokinase are 36,000 and 2.82 S, respectively. Native streptokinase possesses an amino-terminal isoleucine and a carboxylterminal lysine residue whereas altered streptokinase possesses an amino-terminal serine and a carboxyl-terminal lysine residue. The amino-terminal amino acid sequence of native streptokinase is NH2-Ile-Ala-Gly-Pro-Glu-Trp-Leu-Leu-Asp-Arg-Pro-Ser-and the amino-terminal amino acid sequence for altered streptokinase is NH2-Ser-Lys-Pro-Phe-Ala-X-Asp-T A he mechanism of the activation of the single-chain proenzyme, plasminogen to the two-chain enzyme, plasmin by streptokinase has been a widely studied subject. Any study of this mechanism must include the fact that at least one bond in the plasminogen molecule must be cleaved in the activation process (Robbins et al., 1967;Summaria et al., 1967). Although synthetic ester substrates have been found for all other plasminogen activators, none has been found to be a substrate for streptokinase (De Renzo et al., 1967a). This finding appears to rule out direct activation of plasminogen by streptokinase; however, such a mechanism has been nonetheless proposed (Summaria et al., 1969). On the other hand, most investigators have suggested an indirect activation mechanism via an activator complex. It was found that streptokinase could form a 1:1 complex with human plasmin and this complex could in fact directly activate bovine plasminogen (Zybler et al., 1969;Blatt et al., 1964;Ling et al., 1965Ling et al., , 1967). This same activator complex was formed whether streptokinase and human plasmin or streptokinase and human plasminogen were used as the starting materials (Ling et al., 1967). More recently, these considerations have been incorporated into a unified mechanism for the streptokinase induced activation of human plasminogen (Reddy and Markus, 1972) and for the streptokinase-induced activation of rabbit plasminogen (Schick and Castellino, 1973). These studies demonstrate that the principal activator of human plasminogen is a complex of streptokinase and human plasminogen, containing an active site.