Protein tyrosine phosphatases (PTPs), the enzymes that dephosphorylate tyro
syl phosphoproteins, were initially believed to be few in number and serve
a 'housekeeping' role in signal transduction. Recent work indicates that th
is is totally incorrect. Instead, PTPs comprise a large superfamily whose m
embers play critical roles in a wide variety of cellular processes. Moreove
r, PTPs exhibit exquisite substrate specificity in vivo. Recent evidence ha
s led us to propose that members of the PTP family achieve selectivity thro
ugh different combinations of specific targeting strategies and intrinsic c
atalytic domain specificity.