Free generators and Hoffman's isomorphism for the two-parameter shuffle algebra

Signature transforms have recently been extended to data indexed by two and more parameters. With free Lyndon generators, ideas from $\mathbf{B}_\infty$-algebras and a novel two-parameter Hoffman exponential, we provide three classes of isomorphisms between the underlying two-parameter shuffle and quasi-shuffle algebras. In particular, we provide a Hopf algebraic connection to the (classical, one-parameter) shuffle algebra over the extended alphabet of connected matrix compositions.