In previous publications we have documented the existence in oocytes and embryos of a variety of forms (notably Rana pipiens), massive amounts of a powerful inhibitor of trypsin-like enzymes (ATI). The bulk of the inhibitor in Rana pipiens is localized in yolk platelets. We present evidence here that the distribution of the inhibitor between yolk platelets and cytosol changes and that this change is mediated by variations in the distribution of calcium ions. There is an inverse relationship between ATI and free calcium in the cytosol. Several workers have demonstrated a dramatic rise in free cytosol calcium immediately following fertilization. We confirm this observation, and demonstrate that there is a parallel and equally dramatic decrease in free cytosol ATI during this period. Experiments with purified yolk platelets indicate that calcium effects a release of sequestered inhibitor from these particles. Other experiments indicate that calcium mediates ATI-lippovitellin associations. A calcium mediated flux of ATI from cytosol to yolk is proposed as a device for controlling limited proteolysis in the cytoplasm. We offer this as a model for studying the unmasking of mRNA which follows fertilization.