The combinatorial immune response is restricted to jawed vertebrates with c
artilaginous fishes being the lowest extant species to have the mechanism f
or diversification and an extensive panoply of immunoglobulins, T-cell rece
ptors and MHC products. Here, we review the molecular events of the "big ba
ng" or rapid evolutionary appearance of the functionally complete combinato
rial immune system coincident with the appearance of ancestral jawed verteb
rates, suggesting that this event was catalyzed by horizontal transfer of D
NA processing systems. We analyze the nature and extent of variable and con
stant domain diversity among the distinct immunoglobulin sets of carcharhin
e sharks focusing upon the lambda-like light chains and the mu and omega he
avy chains. The detection and isolation of natural antibodies from the bloo
d of unimmunized sharks illustrates a surprising range of recognition speci
ficities and the existence of polyspecificity suggests that the antibody-fo
rming system of sharks offers unique opportunities for studies of immunolog
ical regulation. Although the homologies between shark and mammalian immuno
globulins are unequivocal, major differences in segmental gene organization
present challenges to our understanding of basic immunological phenomena s
uch as clonal restriction.