Braverman and Finkelberg recently proposed the geometric Satake
correspondence for the affine Kac-Moody group G_\aff [Braverman A.,
Finkelberg M., arXiv:0711.2083]. They conjecture that intersection cohomology
sheaves on the Uhlenbeck compactification of the framed moduli space of
Gcpt-instantons on R4/Zr correspond to weight spaces of
representations of the Langlands dual group G_\aff^\vee at level r. When G
= \SL(l), the Uhlenbeck compactification is the quiver variety of type
\algsl(r)_\aff, and their conjecture follows from the author's earlier result
and I. Frenkel's level-rank duality. They further introduce a convolution
diagram which conjecturally gives the tensor product multiplicity [Braverman
A., Finkelberg M., Private communication, 2008]. In this paper, we develop the
theory for the branching in quiver varieties and check this conjecture for
G=\SL(l).Comment: 37 page