Let D be the space consists of pairs (f,g), where f is a
univalent function on the unit disc with f(0)=0, g is a univalent function
on the exterior of the unit disc with g(∞)=∞ and
f′(0)g′(∞)=1. In this article, we define the time variables tn,n∈Z, on D which are holomorphic with respect to the natural
complex structure on D and can serve as local complex coordinates
for D. We show that the evolutions of the pair (f,g) with
respect to these time coordinates are governed by the dispersionless Toda
hierarchy flows. An explicit tau function is constructed for the dispersionless
Toda hierarchy. By restricting D to the subspace Σ consists
of pairs where f(w)=1/g(1/wˉ)ˉ, we obtain the integrable hierarchy
of conformal mappings considered by Wiegmann and Zabrodin \cite{WZ}. Since
every C1 homeomorphism γ of the unit circle corresponds uniquely to
an element (f,g) of D under the conformal welding
γ=g−1∘f, the space HomeoC(S1) can be naturally
identified as a subspace of D characterized by f(S1)=g(S1). We
show that we can naturally define complexified vector fields \pa_n, n\in \Z
on HomeoC(S1) so that the evolutions of (f,g) on
HomeoC(S1) with respect to \pa_n satisfy the dispersionless Toda
hierarchy. Finally, we show that there is a similar integrable structure for
the Riemann mappings (f−1,g−1). Moreover, in the latter case, the time
variables are Fourier coefficients of γ and 1/γ−1.Comment: 23 pages. This is to replace the previous preprint arXiv:0808.072