Connes' embedding conjecture and sums of hermitian squares

We show that Connes' embedding conjecture on von Neumann algebras is equivalent to the existence of certain algebraic certificates for a polynomial in noncommuting variables to satisfy the following nonnegativity condition: The trace is nonnegative whenever self-adjoint contraction matrices of the same size are substituted for the variables. These algebraic certificates involve sums of hermitian squares and commutators. We prove that they always exist for a similar nonnegativity condition where elements of separable II_1-factors are considered instead of matrices. Under the presence of Connes' conjecture, we derive degree bounds for the certificates.