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This paper studies algebraic models for concurrency, in light of recent work on Concurrent Kleene Algebra and Separation Logic. It establishes a strong connection between the Concurrency and Frame Rules of Separation Logic and a variant of the exchange law of Category Theory. We investigate two standard models: one uses sets of traces, and the other is state-based, using assertions and weakest preconditions. We relate the latter to standard models of the heap as a partial function. We exploit the power of algebra to unify models and classify their variations.