We define a two sorted equational theory of algebraic effects that models concurrent shared state with preemptive interleaving, recovering Brookes’s seminal 1996 trace-based model precisely. The decomposition allows us to analyse Brookes’s model algebraically in terms of separate but interacting components. The multiple sorts partition terms into layers. We use two sorts: a “hold” sort for layers that disallow interleaving of environment memory accesses, analogous to holding a global lock on the memory; and a “cede” sort for the opposite. The algebraic signature comprises of independent interlocking components: two new operators that switch between these sorts, delimiting the atomic layers, thought of as acquiring and releasing the global lock; non-deterministic choice; and state-accessing operators. The axioms similarly divide cleanly: the delimiters behave as a closure pair; all operators are strict, and distribute over non-empty non-deterministic choice; and non-deterministic global state obeys Plotkin and Power’s presentation of global state. Our representation theorem expresses the free algebras over a two-sorted family of variables as sets of traces with suitable closure conditions. When the held sort has no variables, we recover Brookes’s trace semantics. We define several other single-and two-sorted theories to elucidate the connection to Brookes’s model via translation embeddings and equivalences.