Bridge rectifier.
Ah, so the bridge rectifier is in the rear light rather than the front one?
They'll both have one. (Or similar circuitry to achieve the same effect.) In the interests of compatibility with traditional tungsten lighting, the supply to the rear light is the same AC as from the dynamo. They'd work fine wired in parallel (though some rear lights rely on the operation of a front light for voltage limiting, so that's not really a good idea).
I thought it was the front light that had all the circuitry in it and outputted DC but could be wrong. It would make sense if I was.
One of the systems does work this way (Supernova?), with a single standlight capacitor in the front lamp, and an off switch that works both together, but it's the exception, not the rule.
(Since the first thing the lights do is rectify to DC internally, they will often work fine from a DC supply of an appropriate voltage and polarity. The trick is working out what the safe limits are.)