Diffeotopy functors of ind-algebras and local cyclic cohomology

Abstract

We introduce a new bivariant cyclic theory for topological algebras, called local cyclic cohomology. It is obtained from bivariant periodic cyclic cohomology by an appropriate modification, which turns it into a deformation invariant bifunctor on the stable diffeotopy category of topological ind-algebras. We set up homological tools which allow the explicit calculation of local cyclic cohomology. The theory turns out to be well behaved for Banach- and $C^{\ast }$-algebras and possesses many similarities with Kasparov's bivariant operator K-theory. In particular, there exists a multiplicative bivariant Chern-Connes character from bivariant K-theory to bivariant local cyclic cohomology.