Not yet reviewed by Pith; the record is open.

We study the holographic map in AdS/CFT, as modeled by a quantum error correcting code with exact complementary recovery. We show that the map is determined by local conditional expectations acting on the operator algebras of the boundary/physical Hilbert space. Several existing results in the literature follow easily from this perspective. The Black Hole area law, and more generally the Ryu-Takayanagi area operator, arises from a central sum of entropies on the relative commutant. These entropies are determined in a state independent way by the conditional expectation. The conditional expectation can also be found via a minimization procedure, similar to the minimization involved in the RT formula. For a local net of algebras associated to connected boundary regions, we show the complementary recovery condition is equivalent to the existence of a standard net of inclusions -- an abstraction of the mathematical structure governing QFT superselection sectors given by Longo and Rehren. For a code consisting of algebras associated to two disjoint regions of the boundary theory we impose an extra condition, dubbed dual-additivity, that gives rise to phase transitions between different entanglement wedges. Dual-additive codes naturally give rise to a new split code subspace, and an entropy bound controls which subspace and associated algebra is reconstructable. We also discuss known shortcomings of exact complementary recovery as a model of holography. For example, these codes are not able to accommodate holographic violations of additive for overlapping regions. We comment on how approximate codes can fix these issues.