A twosided linear estimate and a dyadic reduction of the UMD Conjecture

Abstract

We define a time faithful dyadic shift operator of complexity one, that is an antisymmetric antiinvolution. We show that the Hilbert transform with values in a Banach space is $L^p$ bounded if and only if the dyadic shift is -- with a linear two sided norm dependence. The results reduce the famous UMD conjecture to a pair of simple dyadic operators.