The Jones’ index of a
pair N ⊂ M of finite von Neumann algebras with finite dimensional centers
has been given two definitions: one ring-theoretic, and one using Markov
traces. We extend here the second definition to the case of finite, σ-finite von
Neumann algebras and we show that the two definitions agree when the
algebras are direct sums of finite factors. We also study Markov traces on such
pairs.