Step 1: Understanding the role of phosphofructokinase (PFK).
Phosphofructokinase is a key regulatory enzyme of glycolysis. It catalyzes the conversion of fructose-6-phosphate into fructose-1,6-bisphosphate. Step 2: Requirement of Mg$^{2+$.
The enzyme phosphofructokinase requires Mg$^{2+}$ as a co-factor to facilitate the transfer of a phosphate group from ATP. Step 3: Identifying the reaction type.
This reaction is the second phosphorylation step of glycolysis and is therefore termed Phosphorylation–II. Step 4: Conclusion.
Phosphofructokinase and Mg$^{2+}$ are involved in Phosphorylation–II of glycolysis.