Cyclic cohomology after the excision theorem of Cuntz and Quillen

The excision theorem of Cuntz and Quillen established the existence of a six term exact sequence in the bivariant periodic cyclic cohomology HP*(–,–) associated with an arbitrary algebra extension 0 ? S ? P ? Q ? 0. This remarkable result enabled far reaching developments in the purely algebraic periodic cyclic cohomology. It also provided a new formalism that led to the creation of new versions of this theory for topological and bornological algebras. In this article we outline some of the developments that resulted from this breakthrough.