A new rigourous approach to conformal field theory is presented. The basic
objects an families of complex-valued amplitudes, which define a meromorphi
c conformal field theory (or chiral algebra) and which lead naturally to th
e definition of topological vector spaces, between which vertex operators a
ct as continuous operators. In fact, in order to develop the theory, Mobius
invariance rather than full conformal invariance is required but it is sho
wn that every Mobius theory can be extended to a conformal theory by the co
nstruction of a Virasoro field.
In this approach, a representation of a conformal field theory is naturally
defined in terms of a family of amplitudes with appropriate analytic prope
rties. It is shown that these amplitudes can also be derived from a suitabl
e collection of states in the meromorphic theory. Zhu's algebra then appear
s naturally as the algebra of conditions which states defining highest weig
ht representations must satisfy. The relationship of the representations of
Zhu's algebra to the classification of highest weight representations is e
xplained.