On the cobordism and commutative monoid with cancellation approaches to conformal field theory

In the late 1980s, Graeme Segal axiomatized conformal field theory in terms of a cobordism category. In that same preprint he outlined a more symmetric trace approach, which was recently rigorized in terms of pseudo algebras over a 2-theory. In this paper, we treat the cobordism approach in the pseudo algebra context. We introduce a new algebraic structure on a bicategory, called a pseudo 2-algebra over a theory, as a means of comparison for the two approaches. The main result states that the 2-category of pseudo algebras over a fixed 2-theory is biequivalent to the 2-category of pseudo 2-algebras over a fixed theory in certain situations.