We introduce and study the structure of an algebra in the linear space spanned by all regular 3-valent graphs with a prescribed order of edges at every vertex, modulo certain relations. The role of this object in various areas of low dimensional topology is discussed. 0 Introduction Regular graphs of degree 3, i. e. graphs in which every vertex is incident with exactly three edges, often occur in mathematics. Apart from graph theory proper, where such graphs are referred to as `cubic', they appear in a natural way in the topology of 3-manifolds, in the Vassiliev knot invariant theory and in connection with the four colour theorem. It turns out that in all these applications 3-valent graphs are endowed with a natural structure that consists in fixing, at every vertex of the graph, one of the two possible cyclic orders in the set of three edges issuing from this vertex. In the theory of Vassiliev invariants 3-valent graphs can be viewed as elements of the primitive subspace P of th...
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