The diastereomers of adenosine 5′‐O‐(1‐thiotriphosphate) ATPαS) and adenosine 5′‐O‐(2‐thiotriphosphate) (ATPβS) were used to determine the stereochemical mode of coordination of Mg2+ to ATP when bound in the yeast adenylate kinase complex. ATPαS isomer A is the preferred substrate either in the presence of Mg2+ or Cd2+; ratios of the rate of reaction at infinite concentration of substrate, V, for A to B isomers of ATPαS with Mg2+ were 457/51.4 = 8.9 and with Cd2+ 124/12.8 = 9.7. Thus there is no reversal of stereospecificity on substituting Cd2+ for Mg2+ and this supports the view that metal does not chelate with the α‐P. In contrast the V ratios of ATPβS(A) to ATPβS(B) with Mg2+ were 1.33/0.15 = 8.9 and with Cd2+ 0.18/5.1 = 0.035. Thus this reversal of stereospecificity when Cd2+ is substituted for Mg2+ (in view of the fact that Mg2+ binds to O and Cd2+ to S) leads to the conclusion that a metal chelation must occur via the β‐phosphate. Since the enzyme prefers MgATPβS(A) and CdATPβS(B) (both isomers have Δ‐screw sense) to MgATPβS(B) and CdATPβS(A) (both isomers have Δ‐screw sense) and Mg2+ also coordinates with the γ‐phosphate (by analogy with other adenylate kinase isozymes), the interpretation is that baker' yeast adenylate kinase binds MgATP as Δ, β, γ. The fluorescence of the two residues of yeast adenylate kinase has been used to investigate conformational changes of the enzyme on binding its substrates. Fluorescene is maximal at 334 nm (λexx 295 nm, pH 7.5) and is reduced 10% with no shift in λmax in the presence of ATP and reduced a further 15% on the addition of Mg2+ or other metal acitvators to E‐ATP. In contrast non‐activating metals such as Ba2+ and Sr2+ increase quenching only slightly. With ITP, UTP, CTP, GTP the quenching is 4.1%, 5.2%, 8.7% and 6.6% with or without Mg2+. Differential conformational changes of yeast adenylate kinase on binding MgATP, ATP, and other nucleotides are shown by (a) fluorescence changes, (b) previously reported kinetic and binding studied and (c) by the fact that the Km for AMP in the presence of MgATP is 17 times less than in the presence of MgGTP. These differential conformational changes result in differing tendencies of AMP to bind to the enzyme. Ultraviolet difference spectra obtained on binding of ATP to the enzyme (shoulder at 271 nm and peak at 276 nm) have been compared with the difference spectra of the interaction of ATP, adenosine and 1‐methyl adensoine respectiively with methyl mercuric hydroxide and formaldehyde. On the basis of these comparisons, the shoulder at 271 nm reflects the interaction of N(1) and the peak at 276 nm the interaction of tthe 6‐amino group of ATP with the enyzme.The following mechanism of reaction is proposed: upon binding MgATP the enzyme undergoes a conformational change which closes the active‐site crevice by bringing the two lobes closer, expelling water from the crevice. AMP is bound with higher affinity and the α‐oxygen and the α‐oxygen attacks the γ‐phosphate of ATP in a nucleophilic reaction.