Within the algebraic setting of quantum field theory, a condition is given which implies that the intersection of algebras generated by field operators localized in wedge--shaped regions of two--dimensional Minkowski space is non--trivial; in particular, there exist compactly localized operators in such theories which can be interpreted as local observables. The condition is based on spectral (nuclearity) properties of the modular operators affiliated with wedge algebras and the vacuum state and is of interest in the algebraic approach to the formfactor program, initiated by Schroer. It is illustrated here in a simple class of examples.