Inositol 1,4,5 trisphosphate
Inositol 1,4,5-trisphosphate (IP3) is a common secondary messanger used in signal transduction. When phosphatidylinositol 4,5-bisphosphate (PIP2) is hydrolysed by phospholipase C it produces IP3 and diacylglycerol (DAG). IP3 is soluble so can diffuse through the cell to its IP3 receptor (InsP3R) on the endoplasmic reticulum or sarcoplasmic reticulum. IP3 receptor acts as a Calcium Ion channel, so once IP3 is bound it allows the movement of Ca2+ ions from the endoplasmic reticulum into the cell down their concentration gradient. This influx of calcium causes a calcium induced calcium response (CICR) which along with IP3 helps to activate many more InsP3R, leading to a huge amplification of Ca2+ in the cell.
References:
Alberts et al, 2008, Mollecular biology of the Cell, 5th edition, New York, Garland publishing
C.H.Heldin & M Purton, 1996, Signal transduction, Chapman & Hall