In their book Rapoport and Zink constructed rigid analytic period spaces
Fwa for Fontaine's filtered isocrystals, and period morphisms from PEL
moduli spaces of p-divisible groups to some of these period spaces. They
conjectured the existence of an \'etale bijective morphism Fa→Fwa of
rigid analytic spaces and of a universal local system of Qp-vector spaces on
Fa. For Hodge-Tate weights n−1 and n we construct in this article an
intrinsic Berkovich open subspace F0 of Fwa and the universal local
system on F0. We conjecture that the rigid-analytic space associated with
F0 is the maximal possible Fa, and that F0 is connected. We give
evidence for these conjectures and we show that for those period spaces
possessing PEL period morphisms, F0 equals the image of the period morphism.
Then our local system is the rational Tate module of the universal
p-divisible group and enjoys additional functoriality properties. We show
that only in exceptional cases F0 equals all of Fwa and when the
Shimura group is GLn we determine all these cases.Comment: v2: 48 pages; many new results added, v3: final version that will
appear in Inventiones Mathematica