  The dynamical quantum Zeno effect is studied in the context of von Neumann
algebras. We identify a localized subalgebra on which the Zeno dynamics acts by
automorphisms. The Zeno dynamics coincides with the modular dynamics of that
subalgebra, if an additional assumption is satisfied. This relates the modular
operator of that subalgebra to the modular operator of the original algebra by
a variant of the Kato-Lie-Trotter product formula.
