Let G be a reductive algebraic group over a local field K or a global field
F. It is well know that there exists a non-trivial and interesting
representation theory of the group G(K) as well as the theory of automorphic
forms on the corresponding adelic group. The purpose of this paper is to give a
survey of some recent constructions and results, which show that there should
exist an analog of the above theories in the case when G is replaced by the
corresponding affine Kac-Moody group (which is essentially built from the
formal loop group G((t)) of G).
We prove a version of the Gindikin-Karpelevich formula for untwisted affine
Kac-Moody groups over a local field of positive characteristic.
This is the second paper of a series (started by arXiv:0711.2083) which
describes a conjectural analog of the affine Grassmannian for affine Kac-Moody
groups (also known as the double affine Grassmannian). The current paper is
dedicated to describing a conjectural analog of the convolution diagram for the
double affine Grassmannian. In the case when G=SL(n) our conjectures can be
derived from arXiv:0809.2605.