Loop algebras, gauge invariants and a new completely integrable system
  One fruitful motivating principle of much research on the family of integrable systems known as ``Toda lattices'' has been the heuristic assumption that the periodic Toda lattice in an affine Lie algebra is directly analogous to the nonperiodic Toda lattice in a finite-dimensional Lie algebra. This paper shows that the analogy is not perfect. A discrepancy arises because the natural generalization of the structure theory of finite-dimensional simple Lie algebras is not the structure theory of loop algebras but the structure theory of affine Kac-Moody algebras. In this paper we use this natural generalization to construct the natural analog of the nonperiodic Toda lattice. Surprisingly, the result is not the periodic Toda lattice but a new completely integrable system on the periodic Toda lattice phase space. This integrable system is prescribed purely in terms of Lie-theoretic data. The commuting functions are precisely the gauge-invariant functions one obtains by viewing elements of the loop algebra as connections on a bundle over $S^1$. 
M. Quinn and S.F. Singer