The steady-state kinetic parameters of plasmin and the alpha 2-macroglobulin (alpha 2M)-plasmin complex toward the chromogenic substrate Val-Leu-Lys-p-nitroanilide (S-2251), in the presence and absence of plasmin competitive inhibitors, have been determined. At pH 7.4 and 22 degrees C, the Km values for plasmin and alpha 2M-plasmin for S-2251 were 0.13 +/- 0.02 mM and 0.3 +/- 0.03 mM. The kcat of this reaction, when catalyzed by alpha 2M-plasmin, was 6.0 +/- 0.5 s-1, a value significantly decreased from the kcat of 11.0 +/- 1.0 s-1, determined when free plasmin was the enzyme. KI values for benzamidine of 0.50 +/- 0.05 mM and 0.23 +/- 0.02 mM were obtained for S-2251 hydrolysis, as catalyzed by alpha 2M-plasmin and plasmin, respectively. When leupeptin was the competitive inhibitor, KI values of 5.0 +/- 0.65 microM and 1.0 +/- 0.1 microM were obtained when alpha 2M-plasmin and plasmin, respectively, were the enzymes employed for catalysis of S-2251 hydrolysis. The comparative rates of reaction of the peptide inhibitor Trasylol (Kunitz basic pancreatic inhibitor) with plasmin and alpha 2M-plasmin were also determined. A concentration of Trasylol of at least 3 orders of magnitude greater for alpha 2M-plasmin than for free plasmin was required to observe inhibition rates on comparable time scales.(ABSTRACT TRUNCATED AT 250 WORDS)