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We construct the Buchholz algebra without a Fock representation, as the bounded inverse limit of intrinsic particle-cutoff quotients of the gauge-fixed resolvent algebra, with isometric particle-degree coordinates. Its finite matrix corners carry canonical traces, KMS states, and trace-norm product formulas, together with closed-path expansions that lay the groundwork for path-integral representations. The known Fock-space description and a proper quasilocal subalgebra arise as realizations.

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