Integrable Structure of Conformal Field Theory III. The Yang-Baxter Relation

In this paper we fill some gaps in the arguments of our previous papers [hep-th/9412229,hep-th/9604044]. In particular, we give a proof that the L operators of Conformal Field Theory indeed satisfy the defining relations of the Yang-Baxter algebra. Among other results we present a derivation of the functional relations satisfied by ${\bf T}$ and ${\bf Q}$ operators and a proof of the basic analyticity assumptions for these operators used in [hep-th/9412229,hep-th/9604044].