For an almost simple complex algebraic group G with affine Grassmannian
GrG=G(C((t)))/G(C[[t]]) we consider the equivariant homology
HG(C[[t]])(GrG), and K-theory KG(C[[t]])(GrG). They both have a
commutative ring structure, with respect to convolution. We identify the
spectrum of homology ring with the universal group-algebra centralizer of the
Langlands dual group Gˇ, and we relate the spectrum of K-homology
ring to the universal group-group centralizer of G and of Gˇ. If we
add the loop-rotation equivariance, we obtain a noncommutative deformation of
the (K)-homology ring, and thus a Poisson structure on its spectrum. We
identify this structure with the standard one on the universal centralizer. The
commutative subring of G(C[[t]])-equivariant homology of the point gives rise
to a polarization which is related to Kostant's Toda lattice integrable system.
We also compute the equivariant K-ring of the affine Grassmannian Steinberg
variety. The equivariant K-homology of GrG is equipped with a canonical
base formed by the classes of simple equivariant perverse coherent sheaves.
Their convolution is again perverse and is related to the Feigin-Loktev fusion
product of G(C[[t]])-modules.Comment: 26 pages. A new section added, about the K-ring of the affine
Grassmannian Steinberg variety. A few misprints correcte