Seven differently sulphated hyaluronic acid derivatives, having a general formula HyalSx where x can be 1, 2, 2.5, 3, 3.5, 3.8, 4, were synthetized. Coagulation tests i.e. whole blood clotting time and thrombin time were performed on these compounds and significant prolongations were observed from HyalS2.5 up to HyalS4. All that means the heparin like activity increases by increasing the sulphation degree of hyaluronic acid. The interaction of each of them with thrombin and FXa was studied in order to understand the mechanism of coagulation inactivation and the role of the sulphate position in the disaccharide unit to favour the protease inhibiting reaction. The bioactivity of HyalSx in terms of FXa and thrombin inactivation increases increasing with sulphation degree but the FXa inactivation seems to be mediated by ATIII, while the aspecific electrostatic interaction seems to play an important role in the inactivation of thrombin. Also the interaction with human serum albumin was studied by ATR/FT-IR technique and no changes of protein conformation was observed, as occurs in the case of heparin.