The cone of lower semicontinuous traces on a C*-algebra

The cone of lower semicontinuous traces is studied with a view to its use as an invariant. Its properties include compactness, Hausdorffness, and continuity with respect to inductive limits. A suitable notion of dual cone is given. The cone of lower semicontinuous 2-quasitraces on a (non-exact) C*-algebra is considered as well. These results are applied to the study of the Cuntz semigroup. It is shown that if a C*-algebra absorbs the Jiang-Su algebra, then the subsemigroup of its Cuntz semigroup consisting of the purely non-compact elements is isomorphic to the dual cone of the cone of lower semicontinuous 2-quasitraces. This yields a computation of the Cuntz semigroup for the following two classes of C*-algebras: C*-algebras that absorb the Jiang-Su algebra and have no non-zero simple subquotients, and simple C*-algebras that absorb the Jiang-Su algebra.