Antigen receptors have a dual role on the surface of B lymphocytes, namely the binding and internalization of antigens and the activation of the antigen-recognizing B cell. The structural requirements for internalization are still a matter of controversy; but as far as signalling is concerned it is becoming increasingly apparent that the antigen receptor is functionally divided into the ligand-binding immunoglobulin (Ig) molecule and the signal-transducing Ig-alpha/Ig-beta heterodimer. This knowledge has been exploited to design variant antigen receptors which combine both functions in a single molecule.