Resumen Euroinnova 1. Inglés oral y escrito en el comercio internacional

MF1010_3 Inglés Profesional para Comercio Internacional UF 1 DOCUMENTACIÓN EN INGLÉS PARA EL COMERCIO 1. GESTIÓN DE OPERACIONES DE COMERCIO INTERNACIONAL EN INGLÉS 1.1. Estructuras lingüísticas y léxico relacionado con las operaciones de comercio internacional Speaking on the phone in international trade: La comunicación telefónica es una parte esencial en las relaciones comerciales con clientes. Muchas de las operaciones se realizan a través del teléfono: peticiones de información, presupuestos, entrevistas de ventas, etc... por lo que es necesario conocer las peculiaridades de la comunicación telefónica para poder comunicarnos con fluidez y naturalidad. Some rules to take into account when we are talking on the phone. 1. Speak clearly so the other person can understand you

2. Speak in a polite and friendly voice

3. Let the other person finish, don't interrupt him/her 4. Take notes during the call 5. Always confirm each point of information A. Some useful sentences when talking on the phone Answering the phone: - Good morning/afternoon/evening, Madison Inc. Mary speaking. - Who's calling, please?

Introducing yourself: - This is Claire Simpson speaking. - Hello, this is Anna Johnson from Leicester Inc.

Asking for someone: - Could I speak to Mary James, please? - I'd like to speak to Mary James, please. - Could you put me through to Mary Jones, please? - Could I speak to someone who... - Could I speak to someone in sales, please?

Explaining: - I'm afraid Mrs. James isn't in at the moment. - I'm sorry; she's in a meeting at the moment. - I'm afraid she's on another line at the moment. - I'm sorry, but she is on holidays this week.

Putting someone on hold: - Just a moment, please. - Could you hold the line, please? - Hold the line, please. - Hold on, please Problems - I'm sorry, I don't understand. Could you repeat that, please? - I'm sorry; I can't hear you very well. Could you speak up a little, please? - I'm afraid you've got the wrong number. - I've tried to get through several times but it's always

Putting someone through: - One moment, please. I'll see if Mrs. Smith is available. - I'll put you through. - I'll connect you.

engaged. - Could you spell that, please? Taking a message:

- Can I take a message? - Would you like to leave a message? - Can I give him/her a message? - I'll tell Mrs. Jones that you called as soon she is available - I'll ask him/her to call you as soon as possible.

B. How to receive a telephone call 1- Answer the phone as soon as possible 4- Listen carefully to the customer and identify what he/she wants 2- Greet the caller 5- Pass the call to the person he/she wants to speak to or offer your

help in case it is possible 3- Identify the company and yourself 6- Thank the customer Example - Good morning, ABC associated, Laura speaking, how can I help you? - Hold on a moment, I'll put you through the billing department.

- Good morning, this is John Tomas; I have a problem with a bill.

C. How to make a phone call 1- Identify yourself and your company 3- Always thank for the help offered

2- Expose clearly the reason for your call

Example - Good morning, Sarah speaking, can I help you? - Hold on a moment, I'll see if she is available.

- Good morning, this is Anne from Lema's. Could I talk to the sales manager, please? - Thanks

Questions and replies: En la atención al cliente es esencial el manejo de forma efectiva de las estructuras de pregunta-respuesta, de forma que podamos obtener información de nuestro cliente y a su vez poder responder a las cuestiones que nos puedan plantear. 1.2. Estructuras lingüísticas y léxico relacionado con la contratación y condiciones de la compraventa internacional Adjectives, comparatives and superlatives. +er than as…as Instructions: Imperative Tips for giving instructions: work out the right order for your instructions, keep your sentences short and simple, number your instructions if you wish, use command verbs, use the present or sometimes the future tense and present your writing clearly. It's used for...It's made of.. Condiciones de contratación y financiación Scope and application Terms of Engagement for Professional Services Recurring Engagements

Definitions General contents of an Engagement Document Limitation of liability

Tarifas y precios: cardinal numbers; % per cent, P pence, $ Dollar, € Euro, £ Sterling Pound, ¥ Yen, + plus, - minus, x times 4x2 four times two), / divided by, = equals. 200/1.4 = £ 142.8 Two hundred divided by one point four equals one hundred and forty-two pounds eighty-six. 7-2=5 Seven minus two equals (or is) two

Modos de pago: Payment terms are the conditions under which a seller will complete a sale. Typically, these terms specify the period allowed to a buyer to pay off the amount due, and may demand cash in advance, cash on delivery, a deferred payment period of 30 days or more, or other similar provisions. CASH IN ADVANCE / dinero en efectivo por adelantado Usual Time of Payment: Before shipment Goods Available To Buyer: After payment Risk to Seller: None Risk to Buyer: Complete. Relies on seller to ship exactly the goods expected, as quoted and ordered Comments: Seller's goods must be special in one way or another, or special circumstances prevail over normal trade practices (e.g., goods manufactured to buyer-only specification).

LETTER OF CREDIT (L/C) / letras de cambio Usual Time of Payment: Risk to Seller: Commercial Invoice must match the L/C exactly. Dates must be carefully headed. "Stale" documents are unacceptable for collection. Comments: Letters of Credit require total accuracy in conforming to terms, conditions, and documentation. Consult your United Shipping Associate member for determining feasibility of terms and conditions.

CONFIRMED IRREVOCABLE CREDIT / crédito irrevocable confirmado Usual Time of Payment: After shipment is made, documents presented to the bank. Goods Available To Buyer: After payment Risk to Seller: Gives the seller a double assurance of payments. Depends on the terms of the letter of credit. Risk to Buyer: Assures shipment is made but relies on exporter to ship goods as described in documents. Terms may be negotiated prior to L/C agreement, alleviating buyer's degree of risk. Comments: The inclusion of a second assurance of payment (usually a U.S. Bank) prevents surprises, and adds assurance that issuing bank has been deemed acceptable by confirming bank. Adds cost and an additional requirement to seller.

UNCONFIRMED IRREVOCABLE CREDIT/crédito irrevocable no confirmado Usual Time of Payment: Same as above Goods Available To Buyer: Same as above Risk to Seller: Seller has single bank assurance of payment and seller remains dependent on foreign bank. Seller should contact his banker to determine whether the issuing bank has sufficient assets to cover the amount. Risk to Buyer: Same as above Comments: Credit can be changed only by mutual agreement, as stipulated in a sales agreement. Becomes open account with buyer's bank as collection agent. Foreign bank may have problems making payment in sum or timeliness.

DRAFTS / giro bancario Usual Time of Payment: Remittance time from buyer's bank to seller's bank may still take one week to one month. Risk to Seller: Drafts, by design, should contain terms and conditions mutually agreed upon. Comments: A draft may be written with virtually any term or condition agreeable to both parties. When determining draft tenor (terms and conditions), consult with your banker and freight forwarder to determine the most desirable means of doing business in a given country.

SIGHT DRAFT (with documents against acceptance) / giro bancario a la vista Usual Time of Payment: On presentation of draft to buyer. Goods Available To Buyer: After payment to buyer's bank. Risk to Seller: If draft not honored, goods must be returned or resold. Storage, handling, and return freight expenses may be incurred. Risk to Buyer: Assures shipment but not content, unless inspection or check-in is allowed before payment. Comments: A draft can be a collection instrument used to exchange possession and title to goods for payment. Seller is essentially drawing a check against the bank account of the buyer. Buyer's bank must have pre-approval, or seek approval of the buyer prior to honoring the check. Payble upon presentation of documents.

TIME DRAFTS (with documents against acceptance) / giro bancario aplazado Usual Time of Payment: On maturity of the draft Goods Available To Buyer: Before payment, after acceptance Risk to Seller: Relies on buyer to honor draft upon presentation. Risk to Buyer: Assures shipment but not content. Time of maturity allows for adjustments, if agreed to by seller. Comments: Payable based upon the acceptance of an obligation to pay the seller at a specified time. Although a time draft has more collection leverage than an invoice, it remains only a promissory note, with conditions.

OPEN ACCOUNT / cuenta abierta Usual Time of Payment: As agreed, usually by invoice Goods Available To Buyer: Before payment Risk to Seller: Relies completely on buyer to pay account as agreed Risk to Buyer: None Comments: All terms of payment, including extra charges and terms should be mutually understood and agreed upon prior to open account initiation. Companies conducting ongoing business are candidates for open account terms of payment. Seller must measure not only buyer's credit reliability but the country's as well.

Prórrogas Sample Extension Request Letter Dear , This is to acknowledge that we are in receipt of your

Confirmation of Extension of Payment Date / confirmación de la concesión de la prórroga Dear XXX ,

notice whereby you informed us that the goods shipped to you on (date) did not conform to our agreement dated (date). We regret this unintentional mistake on our part, the reasons for which were (explanation) While we recognize that the time for performing under this agreement has expired, we are requesting that you extend the time to (date) in order that we may cure the defect by replacing the shipment with goods that conform to our agreement. Please accept our apology for this inconvenience. We will be looking forward to your response.

This will acknowledge our telephone conversation of this date. As was stated in our letter dated (date) , we should be receiving our financing by (date). In view of the above, we would appreciate your extending the date for our payment of the account until (date). This will enable us to make sure that all of the appropriate documents have been prepared. We appreciate your courtesies, past and present. It has been a pleasure doing business with your company and we look forward to years of pleasant associations.

Descuentos Discounts dealing with payment - Prompt payment discount. Descuento por pronto pago - Trade discount. Descuento efectuado sobre el precio del catálogo. - Cash discount. Descuento por pago al contado/ en efectivo. - Seasonal discount: Descuento de temporada.

Discounts dealing with quantity - Cumulative quantity discount (or accumulation discounts). Descuento basado en la cantidad adquirida en un periodo de tiempo - Non-cumulative quantity discount. Descuento por volumen de ventas basado en la cantidad de un pedido único para incentivar pedidos grandes y reducir costes de facturación, envío, etc.

Some examples: There is a special offer this week 10% off; If you order before 29th August you will get a 5% discount; If your order is more than 100€ you will not get shipping fees 1.3. Léxico y fonética de las condiciones de entrega: Incoterms: international commercial terms. Son términos de tres letras cada uno que reflejan las normas, de aceptación voluntaria por las dos partes —compradora y vendedora—, acerca de las condiciones de entrega de las mercancías, productos. Se usan para aclarar los costes de las transacciones comerciales internacionales, delimitando las responsabilidades entre el comprador y el vendedor, y reflejan la práctica actual en el transporte internacional de mercancías. La Convención sobre contratos para la venta internacional de mercancías de las Naciones Unidas (en inglés, CISG, U.N. Convention on Contracts for the International Sale of Goods) en su Parte III «Venta de las mercancías» (artículos 25-88) describe el momento en que el riesgo sobre la mercancía se transfiere del vendedor (fabricante o no) al comprador (sea este el usuario final o no), pero reconoce que, en la práctica, la mayoría de las transacciones internacionales se rigen de acuerdo con las obligaciones reflejadas en los incoterms. La CCI (Cámara de Comercio Internacional o ICC: International Chamber of Commerce) se ha encargado desde 1936 (con revisiones en 1945, 1953, 1967, 1976, 1980, 1990, 2000 y 2010) de la elaboración y actualización de estos términos, de acuerdo con los cambios que va experimentando el comercio internacional. Actualmente están en vigor los Incoterms 2010 (desde el 1 de enero de 2011). Los incoterms se agrupan en cuatro categorías: E, F, C, D. Grupo E – Entrega directa a la salida: El vendedor pone las mercancías a disposición del comprador en los propios locales del vendedor; esto es, una entrega directa a la salida. EXW. Ex Works (named place) → ‘en fábrica (lugar convenido)’. El vendedor pone la mercancía a disposición del comprador en sus instalaciones: fábrica, almacén, etc. Todos los gastos a partir de ese momento son por cuenta del comprador. El incoterm EXW se puede utilizar con cualquier tipo de transporte o con una combinación de ellos (conocido como transporte multimodal). Es decir el proveedor se encarga de la logistica y el traslado necesario para que el comprador tenga el suministro del producto en el mismo lugar donde desempeña la tarea productiva. Grupo F – Entrega indirecta, sin pago del transporte principal Al vendedor se le encarga que entregue la mercancía a un medio de transporte elegido por el comprador; esto es, una entrega indirecta sin pago del transporte principal. FAS. Free Alongside Ship (named loading port) → ‘franco al costado del buque (puerto de carga convenido)’.

FOB. Free On Board (named loading port) → ‘franco a bordo (puerto de carga convenido)’

El vendedor entrega la mercancía en el muelle pactado del puerto de carga convenido; esto es, al lado del barco. El incoterm FAS es propio de mercancías de carga a granel o de carga voluminosa porque se depositan en terminales del puerto especializadas, que están situadas en el muelle. El vendedor es responsable de las gestiones y costes de la aduana de exportación (en las versiones anteriores a Incoterms 2000, el comprador organizaba el despacho aduanero de exportación). El incoterm FAS sólo se utiliza para transporte en barco, ya sea marítimo o fluvial.

El vendedor entrega la mercancía sobre el buque. El vendedor contrata el transporte a través de un transitario o un consignatario, pero el coste del transporte lo asume el comprador. El incoterm FOB es uno de los más usados en el comercio internacional. Se debe utilizar para carga general (bidones, bobinas, contenedores, etc.) de mercancías, no utilizable para granel. El incoterm FOB se utiliza exclusivamente para transporte en barco, ya sea marítimo o fluvial.

FCA. Free Carrier (named place) → ‘franco transportista (lugar convenido)’. El vendedor se compromete a entregar la mercancía en un punto acordado dentro del país de origen, que pueden ser los locales de un transitario, una estación ferroviaria... (este lugar convenido para entregar la mercancía suele estar relacionado con los espacios del transportista). Se hace cargo de los costes hasta que la mercancía está situada en ese punto convenido; entre otros, la aduana en el país de origen. El incoterm FCA se puede utilizar con cualquier tipo de transporte: transporte aéreo, ferroviario, por carretera y en contenedores/transporte multimodal. Sin embargo, es un incoterm poco usado.

Grupo C – Entrega indirecta, con pago del transporte principal: El vendedor contrata el transporte, pero sin asumir el riesgo de pérdida o daño de la mercancía o de costes adicionales por los hechos acaecidos después de la carga y despacho; esto es, una entrega indirecta con pago del transporte principal. CFR. Cost and Freight (named destination port) → ‘coste y flete (puerto de destino convenido)’. El vendedor se hace cargo de todos los costes, incluido el transporte principal, hasta que la mercancía llegue al puerto de destino. Sin embargo, el riesgo se transfiere al comprador en el momento que la mercancía se encuentra cargada en el buque, en el país de origen. Se debe utilizar para carga general, que no se transporta en contenedores; tampoco es apropiado para los graneles. El incoterm CFR sólo se utiliza para transporte en barco, ya sea marítimo o fluvial.

CIF. Cost, Insurance and Freight (named destination port) → ‘coste, seguro y flete (puerto de destino convenido)’. El vendedor se hace cargo de todos los costes, incluidos el transporte principal y el seguro, hasta que la mercancía llegue al puerto de destino. Aunque el seguro lo ha contratado el vendedor, el beneficiario del seguro es el comprador. Como en el incoterm anterior, CFR, el riesgo se transfiere al comprador en el momento que la mercancía se encuentra cargada en el buque, en el país de origen. El incoterm CIF es uno de los más usados en el comercio internacional porque las condiciones de un precio CIF son las que marcan el valor en aduana de un producto que se importa.7 Se debe utilizar para carga general o convencional. El incoterm CIF es exclusivo del medio marítimo.

CPT. Carriage Paid To (named place of destination) → ‘transporte pagado hasta (lugar de destino convenido)’. El vendedor se hace cargo de todos los costes,

CIP. Carriage and Insurance Paid (To) (named place of destination) → ‘transporte y seguro pagados hasta (lugar de destino convenido)’.

incluido el transporte principal, hasta que la mercancía llegue al punto convenido en el país de destino. Sin embargo, el riesgo se transfiere al comprador en el momento de la entrega de la mercancía al transportista dentro del país de origen. El incoterm CPT se puede utilizar con cualquier modo de transporte incluido el transporte multimodal (combinación de diferentes tipos de transporte para llegar a destino).

El vendedor se hace cargo de todos los costes, incluidos el transporte principal y el seguro, hasta que la mercancía llegue al punto convenido en el país de destino. El riesgo se transfiere al comprador en el momento de la entrega de la mercancía al transportista dentro del país de origen. Aunque el seguro lo ha contratado el vendedor, el beneficiario del seguro es el comprador. El incoterm CIP se puede utilizar con cualquier modo de transporte o con una combinación de ellos (transporte multimodal)

Grupo D – Entrega directa en la llegada. El vendedor soporta todos los gastos y riesgos necesarios para llevar la mercancía al país de destino; esto es una entrega directa a la llegada. Los costes y los riesgos se transmiten en el mismo punto, como los términos en E y los términos en F. Los términos en D no se proponen cuando el pago de la transacción se realiza a través de un crédito documentario, básicamente porque las entidades financieras no lo aceptan. DAT. Delivered At Terminal (named port): ‘entregado en terminal (puerto de destino convenido)’.

DAP

DDP Plazos de entrega: Usually the terms about this include that the seller undertakes to deliver the goods within XXX calendar days of receipt of: The signing of the contract; The confirmation in writing of the order in question, once all payment conditions established in the contract have been fulfilled.; The notification of the opening of a letter of credit by the Buyer. Condiciones de transporte: Usually the seller shall deliver the products to the customer under certain conditions. The goods shall be delivered at the agreed place, and to the transport agent designated by the Buyer, at least 24 hours before the deadline established in the contract. In case the customer fails to take charge of the goods on arrival, the Buyer should be entitled to ask for the payment of the agreed price. Incumplimientos, anomalías y siniestros: Usually, both parts agree by common consent that any dispute shall be referred to the law courts and tribunal of the country of origin of the seller or the buyer and the local authorities where their head office is set. 2. PRESENTACIONES COMERCIALES EN INGLÉS 2.1. Estructuras lingüísticas y léxico habitual en las presentaciones comerciales en inglés Oral presentations / presentaciones orales Una presentación es una charla formal a una o más personas en la que se "presentan" las ideas y la información de una manera clara y estructurada. Las presentaciones tienen un objetivo común, las personas hacen presentaciones con el fin de informar, formar, persuadir o vender. A. Parts of an oral presentation / partes de una presentación oral Beginning- Short introduction / comienzo o pequeña introducción Welcome Good morning, ladies and gentlemen Good afternoon, ladies and gentlemen Good afternoon everybody. Explanation of the structure of the presentation. To start I will describe then I'll after that I'll..

Introducing the subject. I'd like to start saying.. Let’s begin by. First of all, I'll The purpose of my presentation is to.. Body of presentation / cuerpo de la presentación Introduce subject in an ordered way, do not mix topics. Now that I have told you about..let's continue with. That's all I have to say about.. End- Short Conclusion / final o conclusión breve Summing up To conclude. In conclusion. To sum up. I'll remind you some of the main point I have mentioned. Recommendations I suggest/propose recommend you.. Thanking your audience. Thank you very much for your attention. Many thanks for your attention. Questions and answers. Do you have any questions? Are there any questions? B. Tools for Oral Presentations / técnicas para las presentaciones orales Overhead projector (OHP) Whiteboard (to use also with OHP) Markers (for the whiteboard) Flipchart. Consists on several leaves of paper, used for small presentations. Slided projector (nowadays out of use) Screen Notebook computer (or laptop) Handouts Fórmulas de marcadores conversacionales: saludo, presentación, despedida, ayuda, interacción Basic Attitudes / actitudes básicas Además de manejar el lenguaje y las estructuras más habituales en inglés es imprescindible tener unas actitudes básicas cuando tratemos con clientes. A continuación se enumeran algunas de las actitudes más importantes. - When speaking on the phone always "smile" even though the other person can't see you he/she can feel that you are nice and willing to help him/hem - Assist the customer as quickly as you can, Customers feel uncomfortable if you keep them waiting for long. - Be positive and helpful, although the other person is angry or disappointed, this would help him to relax. - Speak clearly and in a friendly way, but avoid being familiar or impolite! Characteristics of oral language / características el lenguaje oral Lee el siguiente texto, muy sencillo, en inglés, para irte familiarizando con el vocabulario y expresiones sobre este tema: The principal characteristic of oral language is its immediacy. It is different from the written language in that the oral tends to be more informal and direct, and it is also more expressive than writing. In oral language gestures and body language is very important because they reinforce the transmission of the message There are other important factors when speaking as pitch and intonation. It is essential to try to avoid the use of overused words as "thing, say, good" it is best to find other synonyms Practice: - What is the principal characteristic of oral language? - Name two differences between oral and written language. - What other factors are important when speaking?

- What is essential to avoid in oral language? Answers: - The immediacy, that is, the message gets to the recipient at the moment of speaking - Oral language is more informal and direct - Body language, gestures - The use of overused and vague words. A. Receiving visitors / recepción de visitas A continuación vamos a ver unas reglas de cortesía cuando tratemos con visitas que acuden a nuestro centro de trabajo. Rules for receiving visitors /reglas para recibir visitas - Always greet the visitor. - Offer help or ask for the reason of his/her visit. - Ask for his/her name and company - Offer to take a seat. Examples: V. Good morning, My name's Carmen García. S. Good morning, Ms. García, what can I do for you? V. I have an appointment with Mr. Smith. S. Take a seat, please. I'll tell Mr. Smith you are here. V. Good afternoon, I'm Laurie Thomas, Mrs. Johnson is waiting for me. S. I am afraid Mrs. Johnson is in a meeting at this moment, but it won't take long. Would you like a cup of coffee while you wait? V. A black coffee, only if it is not much trouble for you. Thank you. Small talk / charla coloquial o casual En inglés se conoce como "small talk" a la conversación que se entabla entre dos hablantes sobre temas de interés general, como el tiempo, viajes, alojamiento, etc. Es una regla de cortesía en inglés entablar estas pequeñas conversaciones con clientes, visitas, etc... e.g. How was the flight? ¿Como fue el vuelo? Did you have a good trip ¿Tuvo un buen viaje? Possible answers. It was fine/ rather long/ delayed - What would you like to drink? ¿Qué le gustaría tomar? Possible answers. A cup of coffee, please/ with a dash of milk/ only if it's not too much trouble for you. - What was the weather when you left? ¿Qué tiempo hacía cuando salió? Possible answers. Cold and cloudy/ pretty warm/cool in the evenings/ hot/ rainy/quite chilly - Where are you staying? ¿Dónde se aloja? What is the hotel like? ¿Como es el hotel? Possible answers At the Metropolitan. It is very nice and comfortable/ a bit too noisy/ really great.. B. Greetings / saludos Common Greetings / saludos habituales Vamos a ver los saludos más habituales en inglés: - Good morning- Hasta mediodía (midday) - Good afternoon.- Hasta las 4 o las 5 de la tarde. - Good evening - Good night-No se utiliza como saludo si no como despedida. - Hello/ Hi - See you tomorrow; See you later, So long! Hasta mañana, Hasta luego. - Have a nice day- Que tengas un buen día. - How are you?/ How are you doing? / How are you getting on?. ¿Como estás? ¿Cómo te va? ¿Cómo lo llevas? - I am well (fine) thank you/ Quite well, thank you. Estoy bien, gracias/ bastante bien. - Goodbye/ Bye Special greetings / saludos especiales Saludos y expresiones utilizadas en ocasiones especiales como puede ser na-vidad, año nuevo, etc.

- Happy Christmas/ Merry Christmas. - Happy New Year! Feliz año Nuevo - Happy Easter. Feliz semana santa - Happy Thanksgiving day! Feliz día de acción de gracias (fiesta celebra-da en EE.UU el cuarto jueves del mes de noviembre) - Good luck! Buena suerte - Congratulations/ Well done. Enhorabuena / bien hecho. Shaking hands (dar la mano) Cuando conocemos a alguien de manera formal por primera vez la forma normal de proceder es con un apretón de manos (shaking hands) y decir "How do you do" o "Pleased to meet you" "How do you do?" no es una pregunta real, simplemente significa, "Hello". C. Introductions / presentarse En el siguiente cuadro vamos a ver las fórmulas más habituales para realizar presentaciones de uno mismo y de otras personas en inglés. Introducing yourself / presentarse uno mismo How do you do? My name is Mary Holmes Hell, my name is Mary Holmes and I will be your rep in Tenerife I’d like to introduce myself, my name is Mary Holmes Hello, I’m Mary Introducing others / presentar a otras personas Mrs. Holmes, may I introduce Mr Jones, my boss Louis, I’d like you to meet John Smith, our rep. John, this is Louis Hand Responding to introductions / responder a una presentación How do you do? I am Peter Jackson Pleased to meet you, Mr, Miss Holmes Hello, how are you? Nice to meet you, I am Peter from Savie Hotel On leaving / despedida Goodbye. It’s a pleasure to have met you. Goodbye. Nice to have met you. "How do you do?" es una expresión bastante formal, y como vimos anteriormente no es una pregunta real. En este caso la respuesta correcta sería , "How do you do? Examples It’s my pleasure to introduce Dr Jones How do you do? How do you do? I’d like to introduce Mrs Jenkins I’m glad to meet you. The pleasure is mine. Let me introduce you to Susan Brown Pleased to meet you you Nice meeting you too I’d like you to meet Anne Good to meet you I’ve heard so much about you This is Charles Nice to meet you Same here D. Courtesy rules / reglas de cortesía Some common courtesy rules are: /algunas reglas habituales de cortesía - Say please and thank you and excuse me - Apologize - even if it's a mistake or accident - Do not chew with your mouth open - Do not interrupt while someone is speaking

- If you refuse an invitation understand how that person might feel - It is rude to talk on your cell phone in public Thanking people and responding to thanks / dar las gracias y contestar Vamos a ver varias fórmulas de cortesía para expresar agradecimiento en in-glés y responder a este agradecimiento. - Thank you very much for the information. You've been great help. Muchas gracias por la información, has sido de gran ayuda. - It was my pleasure. Ha sido un placer - Thank you for taking the time to explain it to me. I hope it wasn't too much of a bother. Gracias por tomarse el tiempo de explicármelo, espe-ro que no haya sido mucha molestia. - Not at all. It was the least I could do. En absoluto, es lo mínimo que puedo hacer. - Thanks for all your help. I really appreciate it. Gracias por toda su ayuda, se lo agradezco de verdad. - You're welcome. Good luck. De nada, Buena suerte. - Thanks a million! Muchísimas gracias. - Forget it/ don't worry about it. Olvídelo, no se preocupe por ello. - Thanking for invitations. Gracias por la invitación. - Thank you for inviting me. Of course I'll come. Gracias por invitarme por supuesto que iré. - Thanks for your invitation but I'm afraid I won't be able to come. I've got an appointment. Gracias por su invitación pero me temo que no podré asistir, tengo un compromiso. - I'm sorry to hear that. Siento escucharlo - Can I take you to the airport? ¿Te llevo al aeropuerto? - Thank you, that would be great. Gracias, sería genial. - Thanks, but I'll manage ok by myself. Gracias pero me arreglo bien por mi mismo. Argumentación comercial y características de los productos. A. Introducing products / presentar los productos Vamos a ver como se forman los adjetivos en inglés, fundamentales a la hora de realizar cualquier descripción. Los adjetivos expresan caracterís-ticas y propiedades de los sustantivos y cumplen la función de especificar o resaltar algunas de sus características. Por otro lado veremos algunos ad-verbios utilizados para complementar los verbos, adjetivos o a otros ad-verbios Characteristics of products, adjectives and adverbs /características de los productos, adjetivos y adverbios Los adjetivos se usan para describir nombres Types of adjectives: - Qualitative (Calificativos): good, thin dry, bad, short Demonstratives (Demostrativos): this, that, these, those Distributives, each, every, either. - Quantitive (Cuantitativos): some, any, little, few.. - Interrogative (interrogatives): which? What? - Possesive (Posesivos) my, your, his.. - Numberic (Numéricos): one, third, second.. Grammatical Rules - Adjectives in English do not vary in gender and number e.g. red: rojo, roja, rojos, rojas. - They are placed before the noun We have an interesting job - They are placed after the verb To BE, become, feel, look, seem, smell or taste These documents are wrong He looks (seems) tired It smells bad - To be+adjective has the meaning of "Tener" . e.g. I'm thirsty - When we have more than one adjective we follow the following order as a general rule: Opinion +size +age +form +colour +origin +material +use +noun e.g. a beautiful enormous old oval brown Arabic wool carpet Common adjectives and its opposites Common adjectives and its oposites LONG-SHORT

HIGH-LOW THICK-THIN WIDE-NARROW HEAVY-LIGHT DEEP-SHALOW Physical Characteristics /características físicas Shapes: lines and objects / formas: líneas y objetos

Measures and weight / medidas y peso Distance: 1 inch (in) = 2,54 cm. 1 foot (ft)= 12 inches (30,48 cm) Weight 1 ounce (oz)= 28,35 g 1 pound (lb)= 16 ounces (0,454 kg) Liquids 1gill= 0,14 l (Britain) 0,118 l (USA) 1 pint (pt) = 4 gills (0, 57 l Br-0,473l USA) B. Quantity / cantidad The most usual way to express quantity in English is the use of Quantifiers Some/ Any We use some with countable nouns in Plural and for uncountable nouns. E.g. I need some brochures for my customers. Necesitamos algunos folletos para nuestros clientes. We would like some information about your products. Desearíamos (alguna) información sobre sus pro-ductos. We use any with countable and uncountable nouns in negative and interrogative sentence. I didn't buy any product from the catalogue Did the customer send any order? How much/ How many We use How much for uncountable nouns. e.g. How much does it cost? How many is used for countable nouns. How many samples do you need? A lot of/ Many/ Much We use A lot of in affirmative sentences, with countable and uncountable nouns. We have got a lot of orders this month. They gave us a lot of information. Many is used in interrogative and negative sentences, with countable nouns.

Much is used in negative and interrogative sentences, with uncountable nouns. We didn't get much information about the company. Did you have much time to finish the project? Little/A little- Few/ A Few Little is used with uncountable nouns; the meaning in Spanish would be "poco" as"not enough" e.g. I have little time to finish the project. Tengo poco tiempo para terminar el proyecto (no es suficiente) A Little is also used with uncountable nouns, the meaning is "un poco" as "enough" e.g. I have a little time to finish the project. Tengo un poco de tiempo para terminar el proyecto Few is used with countable nouns, the meaning is "pocos" as not enough I have received few orders this month. He recibido pocos pedidos este mes (connotación negativa) A Few is used with countable nouns the meaning is "unos cuantos" I have received a few orders this month. He recibido unos cuantos pedidos este mes (connotación positiva) C. Aditional Services / otros servicios These are the services that differentiate our company from the rest of the com-petitors, some of them are: Guarantee. Garantía After- Sales service. Servicio post venta Delivery conditions. Condiciones de envío e.g. free delivery, express delivery. Financiation. Financiación (e.g. monthly payment) Technical service. Servicio técnico. Free setting. Montaje/ instalación gratuita e.g We offer a two year guarantee in all our products. Free delivery for orders over $100 Our Technical service is available 24 hours a day, 7 days a week. Free setting is included in all our products. D. Methods of payment / modos de pago Aquí tenemos las formas de pago más utilizadas: Cheque—Cheque Cash-efectivo Notes-billetes Coins-monedas Traveller’s cheque-cheque de viaje Credit card-tarjeta de crédito Bank transference-transferencia A continuación vemos los términos y las expresiones más comunes para hablar de términos y condiciones de pago. - Payment Terms. Términos de pago - Prepayment. Pago por adelantado. - Quotation. Presupuesto (Información del coste del servicio) - Pay (or cash) in advance. Pago por adelantado - Downpayment. Anticipo - Cash on delivery (COD). Pago contra reembolso (a la entrega) - 30/60 days after invoicing. Pago a 30/60 dias fecha. - Pay in instalments. Pago a plazos - Receipt. Recibo o ticket. No confundir con "ticket" en ingles que significa "entrada" (de cine, museo, etc) - Interest-Free Financing. Financiación sin intereses - To settle a Bill. Emitir una factura (también llamada "invoice") - To take a deposit. Tomar una cantidad de dinero por adelantado para efectuar la reserva . - Final payment. El pago de la cantidad restante después del depósito. Useful expressions: - How much is it/ How much is that? ¿Cuánto cuesta? - How would you like to pay ¿Cómo le gustaría pagar? - Do you accept credit cards? ¿Aceptan tarjetas? E. After sale services / servicio postventa What is the after sale service? It is the process of contacting the cus-tomer after the sale. Useful for feedback, to offer further products, to build the relationship & for personal evaluation.

Hay algunos servicios que deben ser realizados después de la venta, como por ejemplo: - Invoices and confirmations. Facturas y confirmaciones. - Further information about the product or service. Información adicional que el cliente pueda necesitar sobre el servicio una vez contratado. (technical service) - Changes and amendments. Cambios y enmiendas - Evaluation of the customer satisfaction. Evaluación de la satisfacción del cliente. - Promotions and offer. Promociones y ofertas para fidelizar a los clien-tes. Practice. Match each of these sentences with one of the after sale service mentioned above. 1. We will offer you a special discount for your next purchase 2. We are calling you to know your satisfaction with the product you have purchased from us. 3. Do not hesitate to contact our technical department if you need any help with the use of the product. 4. You have 30 days to change the product if you are not completely satis-fied with it. 5. Your bill will be sent by the end of the month. Answers 1. Promotion and offers 2. Evaluation of the customer satisfaction. 3. Technical service 4. Changes 5. Invoices and confirmations. Conclusiones, despedida y cierre de las presentaciones comerciales El cierre se define como finalizar, terminar. En venta nos referimos al proceso de hacer que el cliente decida si realiza la compra o no. El cierre es una progresión natural de dirigir las ideas expuestas a una conclusión concreta. Lee el siguiente texto, muy sencillo, en inglés, para irte familiarizando con el vocabulario y expresiones sobre este tema: When To Close / cuándo cerrar Since the close is the process of helping your customer make a decision, you should keep in mind that everything you say during the approach and the demonstration is directed toward closing the sale. You begin closing the sale when you first meet your customer. From the very beginning, all of your talking, thinking, and action is directed toward closing. Remember, the ABC's of selling are extremely vital to your success. ALWAYS BE CLOSING. The Greatest Close / el mejor cierre

As was mentioned earlier, the very best close is a really enthusiastic and excellent presentation. By creating an excitement and desire for your product through an enthusiastic and excellent presentation, a "yes" in the final close is almost assured. One of your purposes for closing is to help fulfill needs, problems, and desires that were established during your demonstration. Something to keep in mind is that many times you have more knowledge than your customer about how your product will fill their needs, problems, and desires. Therefore, it is important that you use your tools of salesmanship to show them how the product you're showing will fill their needs, solve their problems, and fulfill their desires. Remember: The greatest close ever is an enthusiastic, emotional packed, fantastic presentation! Why Close? / ¿por qué cerrar? A basic human instinct is one that we are all aware of and that is to "put off `till tomorrow." One of the biggest problems people have is making decisions, and because of that, many things that could be accomplished never are. Another basic human instinct is that people FEAR making the wrong decision. Because of this FEAR of making the wrong decision, people will put off making any decision. Many times your dealer will want to order the product you're showing but because of his past habit of not making decisions, he will hesitate to make one at the end of your demonstration. It is very important that your customers make a decision--whether it be a yes or a no--so that you can react to that decision and close again or move on if necessary. How To Close / Cómo cerrar The how of closing involves several specific steps. Among these are the trial closes, the use of third person selling, attitude, and knowing your "close questions." Trial Close / cierres parciales It is much easier for the dealer to make decisions on minor points. That is the purpose of the trial close questions. The dealer makes a series of smaller decisions rather than being confronted by one large decision. Trial close questions give you an indication of whether the dealer is interested in ordering or stocking the products or not--it tells you the dealers temperature. Examples - Can you see how having graphical tools built directly into the word processor could make a "finished" newsletter easy? It could, couldn't it. - Wouldn't this product make a great add in with your Pentium computers? Can you see how this version of Windows could make un-deleting easier. It could, couldn't it? - Can you see how Franklin DayPlanner users would love this PIM? Can you see how it would help you become more effective? - If you had this contact management software, wouldn't it help you keep better track of your clients? - Can you see how this program would automate your regular backups? It would, wouldn't it. - Wouldn't it be nice to fax right from windows? Wouldn't you like to use this yourself?

2.2. Redacción y documentación complementaria para reforzar los argumentos de la presentación Elaboración  de  guiones  para  la  presentación  de  empresas,  productos  y/o  servicios  en  ferias,  visitas  y  cartas   Golden  rule  /  regla  de  oro Human  attention  is  very  limited.  Don't  cram  too  much  information,  either  in  each  slide,  or  in  the  whole  talk.  Avoid  details:  they  won't  be  remembered  anyway. Organization  /  organización -­‐  Have  a  very  clear  introduction,  to  motivate  what  you  do  and  to  present  the  problem  you  want  to  solve.  The  introduction  is  not  technical  in  nature,  but  strategic  (i.e.  why  this  problem,  big  idea). -­‐  If  you  have  a  companion  paper,  mention  it  during  the  talk  and  recommend  it  for  more  details.  Don't  put  all  the  details  in  the  talk.  Present  only  the  important  ones. -­‐  Use  only  one  idea  per  slide. -­‐   Have   a   good   conclusions   slide:   put   there   the   main   ideas,   the   ones   you   really   want   people   to   remember.   Use   only   one  "conclusions"  slide. -­‐  The  conclusion  slide  should  be  the  last  one.  Do  not  put  other  slides  after  conclusions,  as  this  will  weaken  their  impact. -­‐  Having  periodic  "talk  outline"  slides  (to  show  where  you  are   in  the  talk)  helps,  especially   for   longer  talks.  At   least  one  "talk  outline"  slide  is  very  useful,  usually  after  the  introduction. -­‐  Don't  count  on  the  audience  to  remember  any  detail  from  one  slide  to  another  (like  color-­‐coding,  applications  you  measure,  etc.).  If  you  need  it  remembered,  re-­‐state  the  information  a  second  time. -­‐  Especially  if  you  have  to  present  many  different  things,  try  to  build  a  unifying  thread.  The  talk  should  be  sequential  in  nature  (i.e.  no  big  conceptual  leaps  from  one  slide  to  the  next). -­‐  Try  to  cut  out  as  much  as  possible;  less  is  better. -­‐  Help  the  audience  understand  where  you  are  going.  Often  it's  best  to  give  them  a  high-­‐level  overview  first,  and  then  plunge  into  the  details;  then,  while  listening  to  the  details  they  can  relate  to  the  high-­‐level  picture  and  understand  where  you  are.  This  also  helps  them  save  important  brain  power  for  later  parts  of  the  talk  which  may  be  more  important. Mechanics  /  desarrollo -­‐   Use   a   good   presentation-­‐building   tool,   like   MS   PowerPoint.   Avoid   Latex,   except   for   slides   with   formulas   (Leslie   Lamport  himself   says   that   slides   are   visual,   while   Latex   is  meant   to   be   logical).   Good   looks   are   important.   If   you   need   formulas,   try  TeXPoint,  George  Necula's  Latex  for  Powerpoint. -­‐  Humor  is  very  useful;  prepare  a  couple  of  puns  and  jokes  beforehand  (but  not  epic  jokes,  which  require  complicated  setup).  However,  if  you're  not  good  with  jokes,  better  avoid  them  altogether.  Improvising  humor  is  very  dangerous. -­‐   The  more   you   rehearse   the   talk,   the   better   it  will   be.   A   rehearsal   is  most   useful  when   carried   out   loud.   5   rehearsals   is   a  minimum  for  an  important  talk. -­‐   The  more   people   criticize   your   talk   (during   practice),   the   better   it  will   be;   pay   attention   to   criticism,   not   necessarily   to  all  suggestions,  but  try  to  see  what  and  why  people  misunderstood  your  ideas. -­‐  Not  everything  has  to  be  written  down;  speech  can  and  should  complement  the  information  on  the  slides. -­‐  Be  enthusiastic. -­‐  Act  your  talk:  explain,  ask  rhetorical  questions,  act  surprised,  etc. -­‐  Give  people  time  to  think  about  the  important  facts  by  slowing  down,  or  even  stopping  for  a  moment. -­‐  Do  not  go  overtime  under  any  circumstance. -­‐  Listen  to  the  questions  very  carefully;  many  speakers  answer  different  questions  than  the  ones  asked. -­‐  Do  not  treat  your  audience  as  mentally-­‐impaired:  do  not  explain  the  completely  obvious  things. Text  /  texto -­‐  Slides  should  have  short  titles.  A  long  title  shows  something  is  wrong. -­‐  Use  uniform  capitalization  rules. -­‐  All  the  text  on  one  slide  should  have  the  same  structure  (e.g.  complete  phrases,  idea  only,  etc.). -­‐  Put  very  little  text  on  a  slide;  avoid  text  completely  if  you  can.  Put  no  more  than  one  idea  per  slide  (i.e.  all  bullets  should  refer  to  the  same  thing).  If  you  have  lots  of  text,  people  will  read  it  faster  than  you  talk,  and  will  not  pay  attention  to  what  you  say. -­‐  Don't  use  small  fonts.

-­‐   Use   very   few   formulas   (one   per   presentation).   The   same   goes   for   program   code   (at   most   one   code   fragment   per  presentation). -­‐  Do  not  put  useless  graphics  on  each  slide:  logos,  grids,  affiliations,  etc. -­‐  Spell-­‐check.  A  spelling  mistake  is  an  attention  magnet. Illustrations  /  ilustraciones -­‐  Use   suggestive   graphical   illustrations   as  much  as  possible.  Don't   shun  graphical  metaphors.   Prefer   an   image   to   text.   In  my  presentations  I  try  to  have  80%  of  the  slides  with  images. -­‐  Do  not  put  in  the  figures  details  you  will  not  mention  explicitly.  The  figures  should  be  as  schematic  as  possible  (i.e.  no  overload  of  features). -­‐   Do   not   "waste"   information   by   using   unnecessary   colors.   Each   different   color   should   signify   something   different,   and  something   important.   Color-­‐code   your   information   if   you   can,   but   don't   use   too  many   different   colors.   Have   high-­‐contrast  colors. -­‐  A   few  real  photos  related  to  your  subject   look  very  cool   (e.g.   real  system,  hardware,  screen-­‐shots,  automatically  generated  figures,  etc.).  Real  photos  are  much  more  effective  during   the  core  of   the   talk   than  during   the   intro.   I  hate   talks  with  a  nice  picture  during  the  introduction  and  next  only  text;  they  open  your  appetite  and  then  leave  you  hungry. -­‐  For  some  strange  reason,  rectangles  with  shadows  seem  to  look  much  better  than  without  (especially  if  there  are  just  a  few  in  the  figure). -­‐  Sometimes  a  matte  pastel  background  looks  much  better  than  a  white  one. -­‐  Exploit  animation  with  restraint.  Do  not  use  fancy  animation  effects  if  not  necessary. -­‐  However,   there  are  places  where  animation   is  extremely  valuable,  e.g.,   to  depict   the  evolution  of  a   complex   system,  or   to  introduce  related  ideas  one  by  one. -­‐  Use  strong  colors  for  important  stuff,  pastel  colors  for  the  unimportant. -­‐  Encode  information  cleverly:  e.g.  make  arrow  widths  showing  flows  proportional  to  the  flow  capacity. -­‐  Use  thick  lines  in  drawings  (e.g.  1  1/2  points  or  more). Results  /  conclusiones -­‐  Don't  put  useless  information  in  result  graphs  (e.g.  the  100%  bar  for  each  application). -­‐  Label  very  clearly  the  axes  of  the  graphs.  Explain  the  un-­‐obvious  ones.  Use  large  fonts  for  labels;  the  default  fonts  in  Excel  are  too  small. -­‐  Discuss  the  results  numbers  in  detail;  "milk"  them  as  much  as  possible. 2.3. Simulación de presentaciones comerciales orales en inglés Contrastes de registros formales e informales y fórmulas habituales Suggested phrases for informal presentations / frases para presentaciones informales Introducing yourself / presentarse - As (a few of/ some of/ many of/ most of/ almost all of) you know, I’m… and… - For those of you who don’t know me already,… - I should probably start by introducing myself. I… - I think most of you know me, but I’ll introduce myself anyway. Explaining your aim / explicar el objetivo - By the end of my presentation, I want to show you that… - I aim to prove to you that/ change your mind about… - The purpose/ aim of today’s presentation is… - My purpose in presenting this to you is… Checking visuals and sound / comprobar el sonido y la visibilidad - Can everyone hear me? - Can you see at the back? - Is the microphone working? - Please let me know if you can’t see or hear. Giving a hook / hacer preguntas al público - Did you know that…? - Have you ever wondered…? - I think this is an important/ interesting topic because…

- There is a famous joke on this topic which goes… Showing awareness of the audience/ conectar con el público - I can see some familiar faces today. - It’s nice to see so many familiar faces. - It’s nice to see so many young people today. - I’m sure you are all still tired from lunch, so… Ending / finalizar - Giving further information - Here is a link for access to today’s PowerPoint slides. - Here is a list of possible further reading on the topic. - You can read more about it via the links on this last slide. - There is a list of original sources on the last page. Stating a conclusion / establecer una conclusión - I think all this proves that… - In conclusion,… - It is quite difficult to draw conclusions, but… - The conclusion I would draw from that would be… - What conclusions can we draw from all the information we have seen today? Well,… Suggested phrases for formal presentations / frases para una presentación formal Greeting / saludos - Hi/ Hello/ Good morning/ afternoon/ evening (everyone/ ladies and gentlemen/ guys) - NOT Good night/ Hiya/ How’s it going?/ What’s up? PROBABLY NOT – How are you? Thanking/ Welcoming / dar la bienvenida - Welcome to… - First of all, I’d like to thank everyone/ you all for coming (to…) - Thanks for coming (to…)/ attending (…) - Let me begin by welcoming you (all) (to…)/ First, I’d like to (warmly) welcome you (to…) - On behalf of… may I welcome you to… - It’s a pleasure to welcome you (to…) - It’s good to see you (all) here (today). - Thank you for finding the time to come and join me for this presentation. - NOT Thank you for your coming/ for listening./ for your kind attention. Giving your name / presentarse - I think most of you know me, but I’ll introduce myself anyway. - As (a few of/ some of/ many of/ most of/ almost all of) you know, I’m… - First of all, I’d like to introduce myself/ let me introduce myself…/ - I should probably start by introducing myself… - For those of you who don’t know me already,… Giving background information about yourself connected to your presentation / relacionarse uno mismo con el contenido de la presentación - I should probably first tell you that… - To give you some background information,… - To explain why I chose this topic,… - Before I start, I should probably explain that… Outlining the presentation / resumir o presentar la charla - I’ll start/ begin/ commence with/ by… - I’ve divided my presentation into… parts/ My presentation is divided into...parts. - In my presentation, I’ll focus on three main… - First, we’ll look at... then we’ll move on to… and finally we’ll focus on… - Secondly/ In the second part of my presentation,… - (And) then/ After that/ The next stage will be to… - To finish up/ Finally/ I’ll end with/ The last stage will be to… - …we’ll focus on/ look at/ examine…/ … I’ll talk about/ present/ explain… - My presentation will last/ I’m going to speak for approximately/ about…

- NOT At first/ At last/ In the end - Moving on to the next topic - Moving onto the next/ second/ last part of my presentation,… - That leads us on nicely to the next point I want to deal with, which is… - If everyone is clear on that point, I’ll move onto the next… Referring to earlier parts of the presentation/ Summarising/ Paraphrasing / hacer referencia a otras cosas - As I mentioned earlier,…/ said in my introduction,… - To try to state the same point in an easier to remember way,… - Let’s look at…again…. - … I mean to say…/ …, meaning…/ … that is… - Basically, what I’m trying to say is… 3. NEGOCIACIÓN DE OPERACIONES DE COMERCIO INTERNACIONAL EN INGLÉS 3.1. Estructuras lingüísticas y léxico habitual en procesos de negociación del comercio internacional. Welcoming / Relationship building / dar la bienvenida I would like to welcome you to … . On behalf of ... I would like to welcome you to ... It's my pleasure to welcome you to ... How was your flight? Would you like something to drink? Suggesting a procedure / sugerir un procedimiento I would like now to begin by suggesting the following procedure / agenda. To start with, I think we should establish the overall procedure. Does that seem acceptable to you? Is there anything you'd like to change? Is this okay with you? Proposing / hacer una propuesta Our basic position is ... There are several options … We propose / suggest … Regarding your proposal, our position is ... Would it be possible … How do you feel about … Do you think you could consider … Responding to suggestions / responder a las sugerencias As far as your proposal is concerned, we think that ... May we offer an alternative? We propose that ... We'd like to make an alternative proposal. We propose that ... From where we stand, a better solution might be ... Considering that I would like to suggest … Now that you mentioned it … Agreeing / mostrar acuerdo I agree with you on that point. That's a fair suggestion. You have a strong point there. I think we can both agree that... I don't see any problem with/harm in that. Objecting / objetar I understand where you're coming from; however,... If you look at it from my point of view... I'm afraid I had something different in mind. That's not exactly how I look at it.

From my perspective... I'd have to disagree with you there. I'm afraid that doesn't work for me. Reasoning / mostrar razonamientos This is because … The reason for that is … … is essential and vital for our customers. We have to / must have … This is a must! Money is all-important! Reassuring / reafirmar Let me reassure you that ... I can promise you that ... Have no doubts that we will ... Giving a hint / centrar la atención en algo Our main concern is … It is vital / crucial that … Our intention is … We might like to … I am willing to accept … if … It would be an alternative to … We can trade this against … There a few things we can compromise … Clarifying / clarificar … is correct, isn’t it? Is it alright with you, if … It seems that … Do you suggest … Are you suggesting that … Do you mean … Does it mean … If I understood you correctly … What exactly do you mean by … ? I'm not sure I fully understand your point. What do you mean by … Could you clarify one point for me? Would you like to elaborate on that? Could you be more specific? So what you're saying is that you... In other words, you feel that... Let me make sure I understand what you’re saying. Is that an accurate summary of where you stand? Would you say that is a fair representation of your position? Can we summarize your position up to this point? Identifying obstacles / identificar problemas The main thing that bothers us is ... One big problem we have is ... The main obstacle to progress at the moment seems to be ... Let's take a closer look at this problem. What exactly is the underlying problem here? I would like to analyze this situation and get to the bottom of the problem. Compromising / expresar compromiso How flexible can you be on that? I’m ready to sign that if you can … .

In return for this, would you be willing to ...? May we offer an alternative? We are ready to accept your offer; however, there would be one condition. We feel there has to be a trade-off here. We would be willing to ..., provided, of course, that ... We'd be prepared to .... However, there would be one condition. What do you think is a fair way to resolve the situation? Would you be willing to accept a compromise? Delaying / posponer algo We would have to study this. Can we get back to you on this later? We'll have to consult with our colleagues back in the office. We'd like to get back to you on it. We'll have to get back to you on it. I don’t have the authority to make that decision by myself. Refusing a proposal / rechazar una propuesta I am afraid we couldn’t agree to that. I’m sorry, we can’t accept that. I'm afraid your offer doesn't go far enough. I'm sorry, but we must respectfully decline your offer. No, that’s out of question. No. I am not interested. That would be very difficult for us because … . That’s not really a viable option for us. That’s totally unacceptable. Unfortunately, we must decline your offer for the following reasons. Accepting a proposal / aceptar una propuesta We are happy to accept this agreement. This agreement is acceptable to us. I believe we have an agreement. We are happy to accept this agreement. I’m all in favor of that. I think we have a deal. I think we will have to agree to We can only agree with you there. I have to admit that you’re right. I am willing to work with that. That’s a deal! It sounds like an alternative / option / possibility … That sounds reasonable. Closing / summarizing / cerrar y resumir Can we review what we have agreed on so far? Now, let’s just take a moment to review what we’ve discussed. So, what we’ve finally decided on is … . Let's make sure we agree on these figures (dates / etc.). Can we check these points one last time? Let's just confirm the details, then. Final greetings / despedidas It has been a pleasure doing business with you. We look forward to cooperating with you again. 3.2. Interacción entre las partes de una negociación comercial Podríamos encontrarnos en una situación de negociación si tenemos que pedir un aumento de sueldo o un ascenso, o con el objetivo de obtener el mejor acuerdo posible de sus proveedores. El resultado ideal es cuando podemos darle a la otra parte lo que necesita y esta nos puede dar a nosotros lo que necesitamos. A veces, una persona necesita llegar a un acuerdo y probablemente tratará de negociar algo a cambio. Lo importante es que ambas partes se sientan contentas con el resultado final: un "ganar-ganar", todos ganan.

Aunque algunas negociaciones son más "importantes" que otras, hay algunas frases útiles que se pueden utilizar en las diferentes etapas de la negociación para dejar su postura clara y para asegurarse de que la otra parte está de acuerdo con usted. Preparation for the negotiation / preparación para la negociación Be prepared! Think about your goals (as well as those of the opposing party) to make sure you are clear about what you want. What can you trade with the other party? Do you have any alternatives that are acceptable to you? If you can also work out possible solutions, then it is easier to find an acceptable outcome. Finally, you should be clear about your "bottom line": the point at which you can offer no more. In rare cases you may even have to be prepared to walk away from the negotiation if you reach a stalemate: a position from which it is impossible to negotiate any more. Starting and outlining your position / comenzar y dejar clara nuestra posición I'd like to begin by saying… I'd like to outline our aims and objectives. There are two main areas that we'd like to concentrate on / discuss. Agreeing / mostrar acuerdo We agree. This is a fair suggestion. You have a good point. I can't see any problem with that. Provided / As long as you….. we will…. Disagreeing / mostrar desacuerdo I'm afraid that's not acceptable to us. I'm afraid we can't agree with you there. Can I just pick you up on a point you made earlier. I understand where you're coming from / your position, but… We're prepared to compromise, but… If you look at it from our point of view,… As we see it… That's not exactly as we see it. Is that your best offer? Summarising / resumir Can we summarise what we've agreed so far? Let's look at the points we agree on. So the next step is… Language points / detalles del lenguaje During a negotiation, you're likely to hear "if" sentences, as the negotiation moves from the stage of exploring issues to the stage of making a deal. If you increased the order size, we could / would reduce the price. (2nd conditional – exploring the issue) So, we'll reduce the price by 5% if you increase the order by 5%. (1st conditional – making a deal) You might also hear "unless" (=if not), "as long as" and "provided (that)" instead of if: As long as you increase your order, we can give you a greater discount. Unless you increase your order, we won't be able to give you a bigger discount. Provided you increase your order, we can give you a bigger discount. 3.3. Solicitud de concesiones, reclamaciones y formulación de expresiones en situaciones de negociación. Mostrar duda, acuerdo y desacuerdo Agreement There is no doubt about it that... I completely / absolutely agree with you. I agree with you entirely. I totally agree with you. I simply must agree with that.

I am of the same opinion. I am of the same opinion. That’s exactly what I think. Disagreement I don't agree with you. I’m sorry, but I disagree. I'm afraid, I can't agree with you. The problem is that... I (very much) doubt whether... This is in complete contradiction to... With all due respect,… I am of a different opinion because ... I cannot share this / that / the view. I cannot agree with this idea. What I object to is... I have my own thoughts about that. Contradecir en parte Partial agreement It is only partly true that... That’s true, but… I can agree with that only with reservations. That seems obvious, but... That is not necessarily so. It is not as simple as it seems. I agree with you in principle, but… I agree with you in part, but… Well, you could be right. Clarificar las opiniones y reformular Does anything I have suggested / proposed seem unclear to you? I'd like to clarify our position. What do you mean exactly when you say…. Could you clarify your last point for me? [video] 3.4. Fórmulas de persuasión en una negociación internacional. Lee el siguiente texto, muy sencillo, en inglés, para irte familiarizando con el vocabulario y expresiones sobre este tema: Focus on the needs of the other party (centrarse en las necesidades de la otra parte). Take time to listen to them carefully and find out about their interests and expectations. This shows that you are really interested in them and they are then more likely to trust and respect you. It will also make it easier for you to outline the benefits of your proposal in terms they understand. Argue your case with logic (argumenta tu postura de forma lógica). Do careful research on your ideas and those of your competitors (if there are any) and make sure that any claims you make can be verified. The more hesitant language (forma de hablar insegura) you use such as "isn't it", "you know", "um mm" and "I mean" the less people are likely to believe your argument. Use positive rather than negative language (use un lenguaje positivo): instead of saying "You're wrong about this", say "That's true, however ...", "That's an excellent idea, but if we look more deeply ....." or "I agree with what you say but have you considered ....".

Subtly compliment the other party(elogie discretamente a la otra parte). For example: "I see that you've done some really excellent research into this". Even though they may realise this is being done, evidence shows that they will still warm to you and be more open to your proposals. Mirroring the other person's mannerisms, e.g. hand and body movements (trata de imitar la forma de moverse de la otra persona). A study at INSEAD Business School found that 67% of sellers who used mirroring achieved a sale compared to 12% who did not. People you mirror subconsciously feel more empathy with you. However, it can be very embarrassing if the other person detects conscious mirroring so it must be very subtle. You need to leave a delay of between two and four seconds before the mirroring action. See our body language quiz for more on this. Try to remember the names of everyone you meet (trata de recordar los nombres de tus interlocutores). It shows that you are treating them as an individual. 3.5. Simulación de procesos de negociación de exportaciones e importaciones de productos. Contrastes de registros formales e informales y fórmulas habituales Vamos a ver a continuación algunas de las diferencias principales entre la comunicación formal e informal en documentaciones comerciales en inglés Differences between formal and informal English / diferencias entre inglés formal e informal Existen varias formas para diferencial el lenguaje formal y el informal en in-glés en el contexto de la atención a clientes, entre ellas podemos encontrar las siguientes: - Use of passive (formal) or active (informal) / uso de la pasiva I'll send you all the documents. All the documents will be sent by the next week. - Personal Form / forma personal If you need any help don't hesitate to contact us (Informal) Any help you may need don't hesitate to contact us (formal) - Some expressions /algunas expresiones Please contact us as soon as possible (informal) Please contact us immediately (formal) - Linking words / palabras de unión Furthermore, in addition to (formal) /Also, and, as well as, besides (informal) Although, however, nevertheless, whereas (formal)/ but, or, so, on the other hand (informal) Regarding, with reference to (formal)/ since, so (informal) Accordingly, consequently, therefore (formal)/ anyway, because, because of (informal) Firstly, finally, in the first place, secondly, (formal)/ after, and, and then, first, last, second, then (informal) - Modal verbs /verbos modales If you need any help please call us (informal) Should you require any help, please call us. (formal) - Use of singular and plural / uso de singular y plural I can help you to solve this problem (informal) We can assist in the resolution of this matter. (formal) Formal Style in business documents / estilo formal en documentos comerciales Some useful structures are those beginning by modal verbs:

● Could ● May ● Would

Son palabras similares, se pueden traducir como “podría” o “le importaría” Useful vocabulary and expressions / vocabulario y expresiones - Could you please send the quotation by email? ¿Podría enviar el presupuesto por email? - May I ask for a trade discount? ¿Podría solicitar un descuento comercial?

- Would you mind sending the goods as soon as possible? ¿Le importaría enviar la mercancía tan pronto como sea posible? - Would you kindly send the invoice by fax? ¿Sería tan amable de enviar la factura por fax? - Would it be possible to have the consignment delivered in our head office? ¿Sería posible que nos sirvieran la mercancía en nuestra oficina central? - Could you please inform us about your terms of trade? ¿Nos podría informar acerca de sus condiciones de compra? Informal language in business documents / lenguaje informal en documentos de negocios We use direct questions: - Can you send me your new catalogue? ¿Me puedes enviar el Nuevo catálogo? - Does your company offer any trade discount? ¿Tu empresa ofrece algún descuento comercial? - When will we receive the consignment? ¿Cuando recibiremos la mer-cancía? Practice. Find for a more formal way to express the sentences above Possible Answer: Would you please send us your new catalogue? We would be grateful if you could offer us a trade discount? Could you please inform us about the delivery date? Synonyms / sinónimos Es esencial el evitar la repetición de términos cuando estamos redactando una comunicación, tanto formal como informal. Aquí enumeramos una serie de términos con sus sinónimos Formal Informal State Say Request Ask For Inform Tell Promptly Quickly Settle Pay Puschase Buy Approve Accept Entonación y puntuación discursiva básica General aspects to present a product or service Aspectos generales para presentar un servicio o producto Tenemos que tener en cuenta los siguientes aspectos para lograr una presen-tación exitosa de nuestro producto o servicio. - Functions: what is the use of the product and the necessities that it will fulfill - Benefits: advantages that the customer will get if he uses your products, in relation to necessities and competence. They have to be enumerated in a clear and understandable way - Characteristics: Technical details about the product or service, duration, packaging...etc. - Untouchable elements. They are everything that makes your product attractive: fashion, newness, exclusivity. - Complements: added articles that make a difference to your product. We should also adequate the presentation to the customer, attract his/her at-tention and listen to him/her to be aware of their necessities. Our presentation should be enthusiastic and reliable. Examples of commercial situations with customers / ejemplos de situaciones comerciales con clientes A. Presentation of a new product / presentación de un nuevo producto Good morning. My name is Peter Thomas and I represent ABC Ltd. I am here to show you the new products we have just launched, that will make your work easy. This new product makes your work faster. It will help you to reduce costs. It is the new product, the lasts product, the newest. They have a lot of complements. Questions made by the customer - How many years of guarantee does it have? - Do you offer any commercial discount? - When will you be able to deliver it? - Do you accept returns/refunds? - Can I get some samples? - Can we see a demonstration?

Replies. - Certainly/Sure/ Of course. - What day will suit you? - Would it be convenient on? B. Presentation of services / presentación de servicios Services are untouchable, so we should emphasize the technical and personal characteristics of it. We can't show customers any samples, we can't show how it works so, the focus should be in the customer service and the quality of our service. Example of a service presentation. Good morning, we are here to present our Cleaning Company called "The cleaners". We are a new com-pany operating in Madrid and we offer special prices and discounts to our customers.. - Enumerate benefits of your service. - It will help you to save time - It will help you to save money. - We offer a fast and effective service. As we have already seen it is important to present the customer the benefits that he or she will get by purchasing our products or services and be prepared to answer all the questions the customer may ask. 4. CONTEXTO SOCIOPROFESIONAL DE LAS OPERACIONES COMERCIO INTERNACIONAL 4.1. Contenidos socioculturales y sociolingüísticos en entornos profesionales internacionales. Cuando estamos trabajando en el comercio global, el conocimiento del impacto que tienen las diferencias culturales es una de las claves para el éxito de nuestro negocio. Cualquiera que sea el sector en que se este operando, financiero, tecnológico o electrónico, las diferencias culturales van a afectar directamente en nosotros y en nuestros niveles de beneficio empresarial. Mejorar la conciencia cultural ayuda a las empresas a desarrollar sus capacidades internacionales. Cuando los aspectos de cultura y comercio interactúan, se desarrollan unas situaciones y escenarios de actuación muy interesantes ycomplicados. La globalización obliga cada vez a a las empresas a hacer estos esfuerzos y a comprender cada vez la importancia de tener los aspectos culturales en cuenta a la hora de iniciar un negocio. Algunos aspoectos importantes son: Body Language / lenguaje corporal Every nation has a separate culture; a part of which is reflected in the behavior and the body language of the people. In an international business, understanding the undercurrents beneath the mannerisms or gestures become necessary. There are chances that behavior might get misinterpreted by people from different cultures. Thus, it requires a skilled coordinator to handle challenging situations during meetings. Communication / comunicación The way of communicating could be different in different cultures. The terms used by some might sound harsh to others. The way in which words are pronounced to impact the intercultural communication in the corporate houses. In fact, it is one of the major hindrance in the process of business communication. Time/ concepto temporal People from Britain and Germany are keen on following the time-bound schedule. The different 'time-cultures' might be the reason behind clashes, between people from diverse cultures. The way in which the boardroom meetings are handled, is also a reason behind differences in opinions. Corporate houses from western countries stick to the schedule during meetings. They get down to business in an outright manner. Other cultures may differ in this aspect of business. The marketing executives sent for international assignments, are bound to face problems in dealing with the corporate cultures of that particular country. Understanding a foreign market and formulating the company policies to cater to the need of international clients is a challenging job. Skilled professionals possessing the quality called 'empathy' are able to deliver the goods in such cases. With today's businesses entering a 'globalized' world, the interaction between different cultures is bound to happen. Merely learning different languages, won't be enough. It is necessary for corporate houses to understand the social

conditions of different countries, to successfully tap the respective markets. Being sensitive to the values and beliefs of different cultures of the world, is necessary. International businesses are not only a way of making profits by the exploitation of international talent, but also a bridge between different nations of the world. Tomorrow's world will rely more on a symbiotic relationship between international businesses and cultures as a whole. 4.2. Elementos significativos en las relaciones comerciales y profesionales. La comunicación es el proceso mediante el cual se puede transmitir información de una entidad a otra. Los procesos de comunicación son interacciones mediadas por signos entre al menos dos agentes que comparten un mismo repertorio de signos y tienen unas reglas semióticas comunes. Tradicionalmente, la comunicación se ha definido como "el intercambio de sentimientos, opiniones, o cualquier otro tipo de información mediante habla, escritura u otro tipo de señales". Todas las formas de comunicación requieren un emisor, un mensaje y un receptor destinado, pero el receptor no necesita estar presente ni consciente del intento comunicativo por parte del emisor para que el acto de comunicación se realice. En el proceso comunicativo, la información es incluida por el emisor en un paquete y canalizada hacia el receptor a través del medio. Una vez recibido, el receptor decodifica el mensaje y proporciona una respuesta. El funcionamiento de las sociedades humanas es posible gracias a la comunicación. Esta consiste en el intercambio de mensajes entre los individuos. Desde un punto de vista técnico se entiende por comunicación el hecho que un determinado mensaje originado en el punto A llegue a otro punto determinado B, distante del anterior en el espacio o en el tiempo. La comunicación implica la transmisión de una determinada información. Communicator / persona que se comunica, emisor o rececptor (sender or encoder) is the one who initiates the communication process. He may be an editor, a reporter, a filmmaker, a teacher, a writer, a speaker, a leader or anybody who takes the initiative to start a dialogue. Before one speaks or writes, the message is conceptualized first and then encoded. An effective communication depends on the communication skill, knowledge level, and attitude of the communicator and how he desires to affect his receiver. An ability to think, to organize thoughts quickly and express himself effectively are some of the attributes of a good communicator. Somebody who uses appropriate words, sentences, tone, etc. may be called a good communicator. He does not fumble, does not look for words and all that he says is accompanied by appropriate gestures and delivered at an acceptable pace. Another element, which is mentioned here, is knowledge level. We must be able to find out the knowledge level of the persons on a particular topic before we start the dialogue. Also, a person must never look down upon the people with whom he communicates. He must never think that the receivers are inferior to him. The attitudes of a person should be mature and the minimum respect due to the other person must be extended to him. Encoding (codificación) is the formulation of messages in the communicator’s mind, that is, the communicator not only translates his purpose (ideas, thoughts or information) into a message but also decides on the medium to communicate his planned message. He must choose the media (speaking, writing, signaling or gesturing) that the receiver can comprehend well. For instance, an illiterate receiver will fail to understand a written message, but can understand it well if told orally. A message is what a communicator actually produces for transmission using spoken or written words, photographs, paintings, films, posters, etc. a great deal of skill and effort is required to formulate a message, the meaning of which should be understandable to the receiver. Actually the purpose of communication is to influence the receiver and get favorable responses so that appropriate decisions can be taken. The success of communication, therefore, depends on what we say and how we say it. A message can enhance or distort effective communication. For instance, in an interview your intention is to impress interviewer, but if you give answers whose meaning is not clear, the interviewer may perceive that you are incompetent for the job. A channel (canal) is the vehicle through which a message is carried from the communicator to the receiver. The channels of communication are many-written, spoken, verbal, non-verbal, mass media like TV, radio, newspapers, books, etc. choosing the appropriate channel, one most suitable for the message as well as the receiver, is a complicated task. Success and failure of communication depends on the selection of the right channel. For example, if you have prepared a campaign on ‘National Integration’ what media would you choose to reach the intended audience? And even after selecting the media you have to decide if it is feasible cost wise, taking into account the number of people and the kind of people who will be exposed to your message, and certain other factors. Actually your intention or desire would be to reach out to the maximum number of people but for efficient communication your attempt should be to minimize time and cost in the total information exchange effort.

The receiver (receptor), at the other end of the communication, is the recipient of the message and must possess the same orientation as the communicator. If the receiver does not have the ability to listen, to read, to think, he will not be able to receive and decode the messages in the manner the communicator want him to. For effective communication, the receiver is the most important link in the communication process. Decoding (decodificación) is the interpretation of the message by the receiver. Actually, the receiver looks for the meaning in the message, which is common to both the receiver and the communicator. Feedback (retroalimentación) is the response or acknowledgement of receiver to the communicator’s message. The exchange is possible only if the receiver responds. Even through fluttering eyelids, raising an eyebrow, making a face, organizing a point and asking for explanation, the message is shaped and reshaped by the communicator and the receiver until the meaning becomes clear. In this way both participants in communication interact and constantly exchange roles. In face-to-face communication the receiver responds naturally, directly and immediately. This provides the communicator an opportunity to improve and make his communication effective. Feedback, thus, provides an opportunity to evaluate what is right or wrong about a particular communication. It helps to regulate the conversation among two or more individuals and also stimulates and reinforces an idea that is desired to be communicated. Noise (ruido o interferencia) is an interruption that can creep in at any point of the communication process and make it ineffective. Environment is one major cause that interferes with message reception: like noises from the roadside, constant chattering of individuals outside the communication act, blaring loudspeaker, faulty transmission, etc. noise can occur in other forms also; poor handwriting, heavy accent or soft speech, communication in a poorly lit room, etc. in fact, these are barriers to effective communication. For smooth and effective communication, it is necessary to eliminate or reduce noise as far as possible. Fórmulas de cortesía y tratamiento de uso frecuente Telephone / al teléfono Make sure that when you cannot answer your phone that your recorded message is sincere and polite. Often it is in the tone of the voice that can display courtesy. Apologizing for not being available when your caller needed to speak to you is a show of courtesy. Stating when you will be back is another courtesy. Most important, returning a message promptly is not only courteous but professional. When answering the phone, smile. It will show in your voice. Listen completely to what your caller has to say before starting to speak. Make sure you ask for permission before putting your caller on hold and wait for the caller to say it's okay. Never hang up without saying good-bye or giving notice that you are ending the call, even if the caller is rude. Email / por email Emails go a long way in business communications. They also last a long time. They can become permanent records of your words. With that knowledge, make sure when you are preparing an email that you read it aloud or otherwise review it to make sure that you not only get your meaning across but that you get it across in a courteous way. Start your emails with a professional salutation that greets your receiver or group of receivers by name (see References 3). Keep in mind this email is not a casual note between friends. Use complete sentences and good grammar. Never write an email when angry or in the mood to vent, as chances are an email sent under these conditions will be missing the courtesies that could make your communication more effective (see References 2). Letters / por carta Often, it is acceptable to send a letter to convey a business communication. As with an email, be sure to have your letter proofread for spelling and format and your grammar checked for correctness. Say thank-you when and where needed. Make sure to close your letter with an appreciation for anticipated time spent by the receiver reading your communication. Face-to-Face / en persona Often the most difficult form of business communication is delivered face-to-face. It is good practice to review in front of a mirror what you plan to say. This will give you a good idea of how your facial expressions change with your message. When visiting another country for business, it is not polite to force your culture on those with whom you are there to do business (see References 1). Understanding cultural differences can help you be courteous when communicating with those from countries where face-to-face courtesies are displayed differently than how you may be accustomed. Bulletin Boards / tablones de anuncios Announcements posted on bulletin boards are common in many workplaces. This practice can sometimes result in rude or crude displays of communication. When in charge of delivering a message to everyone at once, you should strive be courteous to all. Use of slang or uncommon phrases may offend and detract from your intent. Make sure

your bulletin board announcement or newsletter is written with all the consideration given to other professional business communications. 4.3. Diferenciación de usos, convenciones y pautas de comportamiento según aspectos culturales de los interlocutores. Formas africanas de negociación Muchos países africanos tienen sistemas indígenas de resolución de conflictos que han perdurado hasta el presente, a veces absolutamente intactos y, a veces fragmentados por el cambio social rápido. Estos sistemas se basan en enfoques particulares de negociación basados en los lazos de parentesco y el respeto a los mayores, y a las estructuras de la sociedad local en general. En Nigeria, por ejemplo, las personas se organizan en familias extensas (NNU '), pueblo (idu' o obio), el linaje ('duk), y los grupos de linaje (iman). La creencia en la capacidad continuada de los miembros ancianos de las familiar de incidir en la vida de la gente mantiene el control social, por lo que surge la necesidad de contar con leyes o regulaciones formales mínimos. La negociación ocurre dentro de las redes sociales, a raíz de los roles establecidos. Las mujeres en conflicto con los esposos, por ejemplo, han de retractarse y disculparse, preparar una comida ritual que simboliza la restauración de la armonía. En el contexto nigeriano Ibibio, el objetivo de restablecer las redes sociales es primordial, y las diferencias individuales se espera que se descarten en interés del grupo. Para garantizar que el progreso o un acuerdo en una negociación se conserva, las partes deben comprometerse a no invocar el poder de los ancestros para hechizar o maldecir a los otros en el futuro. El objetivo de cualquier proceso, formal o informal, es producir un resultado positivo sin un "residuo de amargura o resentimiento". Los ancianos tienen un poder considerable, y cuando intervienen en un conflicto o una negociación, sus palabras son respetadas. Esto se debe en parte a que algunos ancianos se cree que tienen acceso a poderes sobrenaturales que pueden eliminar los escudos de protección de los demás y causar desastres personales. En otros contextos africanos, estas mismas relaciones y jerarquías tienen una gran importancia a la hora de solucionar conflictos. Estilo japonés de negociación Hay una gran cantidad de material escrito sobre los enfoques de Japón hacia la negociación, y las diferencias entre extranjeros y japoneses. Hay algunos valores que tienden a influir en la comunicación japonesa: centrarse en los objetivos del grupo, la interdependencia y una orientación jerárquica. En las negociaciones, estos valores se manifiestan en la forma de considerar las necesidades del grupo sus metas y en la deferencia a las personas de mayor estatus. Los negociadores japoneses son conocidos por su cortesía, su énfasis en el establecimiento de las relaciones, y su uso indirecto del poder. La importancia que los japoneses conceden al trato cara a cara es una de las razones por la que la cortesía es tan importante y se evita la confrontación. Ellos tienden a utilizar el poder de manera sutil e indirecta, dada tu su preferencia por la armonía y la calma. En estudios comparativos, los negociadores japoneses se mostraban más reacios a revelar información acerca de ellos mismos y de sus objetivos que sus colegas franceses o americanos. Los negociadores japoneses tienden a poner menos énfasis en el significado literal de las palabras utilizadas en la negociación y un mayor énfasis en las relaciones que se establecen antes del inicio de la negociación. También son menos propensos que sus contrapartes extranjeras a ser directivos respecto al procedimiento. Estilos Europeos de Negociación Los estilos europeos de negociación varían según la región, la nacionalidad, el idioma, y muchos otros factores contextuales. Un estudio encontró que los franceses son negociadores muy agresivos, utilizan amenazas, advertencias e interrupciones para lograr sus objetivos. Negociadores alemanes y británicos fueron calificados como moderadamente agresivos en el mismo estudio. Estilos latinoamericanos de Negociación Las expectativas de rol en la negociación influye mucho en los contextos latinoamericanos. La responsabilidad por los demás generalmente se considera más importante que los horarios y la realización de tareas. Su enfoque de negociación se refiere a una orientación policrónica del tiempo y los patrones de comunicación mas comunitarios.

Lederach informa que un término común para el conflicto en Centroamérica es enredo, que significa "enredados" o "atrapado en una red." Explica que en este sentido, enredo significa que el conflicto está incluido en una red íntima de las relaciones en Guatemala y otros países de América Central. Por lo tanto, la negociación se lleva a cabo dentro de las redes, las relaciones se acentúan y se evitan las rupturas abiertas. En América Central, la gente piensa y responde a los conflictos de manera integral. Ellos preferían un enfoque integral del conflicto y la negociación, en lugar de uno lineal y analítico. Cuando los centroamericanos necesitaban ayuda con las negociaciones, tendían a mirar a los participantes internos en lugar de personas neutrales externas, prefiriendo confianza de las relaciones establecidas. Ellos hacen referencia al concepto de confianza para explicar estas preferencias. Confianza significa que "ellos nos conocen" y "los conocemos" y van a "velar por nuestros intereses". AMERICAN NEGOTIATORS

JAPANESE NEGOTIATORS

CHINESE (TAIWAN) NEGOTIATORS

BRAZILIAN NEGOTIATORS

Preparation and planning skill

Dedication to job Persistence and determination Preparation and planning skill

Thinking under pressure

Perceive and exploit power

Win respect and confidence Thinking under pressure

Judgment and intelligence

Win respect and confidence

Preparation and planning skill Judgment and intelligence

Verbal expressiveness Integrity Product knowledge Verbal expressiveness

Product knowledge Demonstrate listening skill

Interesting Product knowledge

Perceive and exploit power

Broad perspective Judgment and intelligence Perceive and exploit power

Integrity Verbal expressiveness Competitiveness

4.4. Giros y modismos adecuados al contexto del comercio internacional. 52  Week  High/   Low:    The  highest   and   lowest   prices   that   a   stock  has   traded   at   during   the  previous   year.  Many   traders   and  investors  view  the  52-­‐week  high  or  low  as  an  important  factor  in  determining  a  stock's  current  value  and  predicting  future  price   Aftermarket   Report:   A   summary   of   how   shares   of   an   initial   public   offering   (IPO)   performed   after   being   introduced   on   the  secondary  market.  At  minimum,  an  aftermarket  report  will  provide  the  company's  name,  its  ticker  symbol,  the  offer  date,  offer  price  and  closing  price.  Investors  can  then  see  whether  the  new  stock  increased  or  decreased  in  price  on  the  secondary  market  compared  to  what  investors  paid  on  the  primary  market.  An  aftermarket  report  might  also  include  a  company  description,  basic  financial  data,  basic  financial  ratios  and  links  to  recent  news  articles  about  the  company. All  or  None:    A  condition  used  on  a  buy  or  sell  order  to  instruct  the  broker  to  fill  the  order  completely  or  not  at  all.  If  there  is  insufficient  supply  to  meet  the  quantity  requested  by  the  order  then  it  is  canceled  at  the  close  of  the  market. American   Stock   Exchange   (AMEX):     The   third-­‐largest   sock   exchange   by   trading   volume   in   the  United   States.   In   2008   it  was  acquired  by  the  NYSE  Euronext  and  became  the  NYSE  Amex  Equities  in  2009.  The  AMEX  is  located  in  New  York  City  and  handles  about  10%  of  all  securities  traded  in  the  U.S. Analyst:     A   financial   professional   who   has   expertise   in   evaluating   investments   and   puts   together   "buy",   "sell"   and   "hold"  recommendations  for  securities.  Also  known  as  a  "financial  analyst"  or  a  "security  analyst".

Arbitrage:  The  simultaneous  purchase  and  sale  of  an  asset   in  order   to  profit   from  a  difference   in   the  price.   It   is  a   trade  that  profits  by  exploiting  price  differences  of   identical  or   similar   financial   instruments,  on  different  markets  or   in  different   forms.  Arbitrage  exists  as  a  result  of  market  inefficiencies;  it  provides  a  mechanism  to  ensure  prices  do  not  deviate  substantially  from  fair  value  for  long  periods  of  time. Ask:  The  price  a  seller  is  willing  to  accept  for  a  security,  also  known  as  the  offer  price.  Along  with  the  price,  the  ask  quote  will  generally  also  stipulate  the  amount  of  the  security  willing  to  be  sold  at  that  price.  Sometimes  called  "the  ask." Assignment:  The  transfer  of  an  individual's  rights  or  property  to  another  person  or  business.   A  notice  received  by  an  option  writer  stating  that  the  option  sold  has  been  exercised  by  the  purchaser  of  the  option. At  the  Money:  A  situation  where  an  option's  strike  price  is   identical  to  the  price  of  the  underlying  security.  Both  call  and  put  options  will  be  simultaneously  "at  the  money."  For  example,  if  XYZ  stock  is  trading  at  75,  then  the  XYZ  75  call  option  is  at  the  money  and  so  is  the  XYZ  75  put  option.  An  at-­‐the-­‐money  option  has  no  intrinsic  value,  but  may  still  have  time  value.  Options  trading  activity  tends  to  be  high  when  options  are  at  the  money. Basis:  The  variation  between  the  spot  price  of  a  deliverable  commodity  and  the  relative  price  of  the  futures  contract   for  the  same  actual  that  has  the  shortest  duration  until  maturity.   A  security's  basis  is  the  purchase  price  after  commissions  or  other  expenses.  Also  known  as  "cost  basis"  or  "tax  basis". In   the   context   of   IRAs,   basis   is   the   after-­‐tax   balance   in   the   IRA,  which   originates   from  nondeductible   IRA   contributions   and  rollover  of  after-­‐tax  amounts.  Earnings  on  these  amounts  are  tax-­‐deferred,  similar  to  earnings  on  deductible  contributions  and  rollover  of  pretax  amounts. Bear:  An  investor  who  believes  that  a  particular  security  or  market  is  headed  downward.  Bears  attempt  to  profit  from  a  decline  in  prices.  Bears  are  generally  pessimistic  about  the  state  of  a  given  market. Bear  Call  Spread:  A  type  of  options  strategy  used  when  a  decline  in  the  price  of  the  underlying  asset  is  expected.  It  is  achieved  by   selling   call   options   at   a   specific   strike  price  while   also  buying   the   same  number  of   calls,   but   at   a   higher   strike  price.   The  maximum  profit  to  be  gained  using  this  strategy  is  equal  to  the  difference  between  the  price  paid  for  the  long  option  and  the  amount  collected  on  the  short  option. Bear  Flag:  Is  a  sharp,  strong  volume  decline,  several  days  of  sideways  to  higher  price  action  on  much  weaker  volume  followed  by  a  second,  sharp  decline  to  new  lows  on  strong  volume. Bear  Put  Spread:  A  type  of  options  strategy  used  when  an  option  trader  expects  a  decline  in  the  price  of  the  underlying  asset.  Bear  Put  Spread  is  achieved  by  purchasing  put  options  at  a  specific  strike  price  while  also  selling  the  same  number  of  puts  at  a  lower  strike  price.  The  maximum  profit  to  be  gained  using  this  strategy  is  equal  to  the  difference  between  the  two  strike  prices,  minus  the  net  cost  of  the  options. Bid:  An  offer  made  by  an  investor,  a  trader  or  a  dealer  to  buy  a  security.  The  bid  will  stipulate  both  the  price  at  which  the  buyer  is  willing   to   purchase   the   security   and   the   quantity   to   be   purchased.   The  price   at  which   a  market  maker   is  willing   to   buy   a  security.  The  market  maker  will  also  display  an  ask  price,  or  the  amount  and  price  at  which  it  is  willing  to  sell. Binary  Options:  A  type  of  option  in  which  the  payoff   is  structured  to  be  either  a  fixed  amount  of  compensation  if  the  option  expires  in  the  money,  or  nothing  at  all  if  the  option  expires  out  of  the  money. These  types  of  options  are  different  from  plain  vanilla  options.  Also  sometimes  referred  to  as  "all-­‐or-­‐nothing  options"  or  "digital  options". Black  Swan  Event:  An  event  or  occurrence  that  deviates  beyond  what   is  normally  expected  of  a  situation  and  that  would  be  extremely  difficult  to  predict.  This  term  was  popularized  by  Nassim  Nicholas  Taleb,  a  finance  professor  and  former  Wall  Street  trader. Bollinger  Band:    A  band  plotted  two  standard  deviations  away  from  a  simple  moving  average,  developed  by  famous  technical  trader  John  Bollinger. Book   Value:     The   value   at   which   an   asset   is   carried   on   a   balance   sheet.   To   calculate,   take   the   cost   of   an   asset  minus   the  accumulated   depreciation.   The   net   asset   value   of   a   company,   calculated   by   total   assets   minus   intangible   assets   (patents,  goodwill)  and  liabilities.  The  initial  outlay  for  an  investment.  This  number  may  be  net  or  gross  of  expenses  such  as  trading  costs,  sales  taxes,  service  charges  and  so  on.    Also  known  as  "net  book  value  (NBV)."  In  the  U.K.,  book  value  is  known  as  "net  asset  value." Breakdown:  A  price  movement   through  an   identified   level  of   support,  which   is  usually   followed  by  heavy  volume  and  sharp  declines.   Technical   traders   will   short   sell   the   underlying   asset   when   the   price   of   the   security   breaks   below   a   support   level  because  it  is  a  clear  indication  that  the  bears  are  in  control  and  that  additional  selling  pressure  is  likely  to  follow.

Breakout:  A  price  movement  through  an   identified   level  of  support  or  resistance,  which   is  usually   followed  by  heavy  volume  and  increased  volatility.  Traders  will  buy  the  underlying  asset  when  the  price  breaks  above  a  level  of  resistance  and  sell  when  it  breaks  below  support. Broken  Wing   Butterfly:   The   Broken  Wing   Butterfly   Spread,   also   known   as   a   Skip   Strike   Butterfly   Spread,   is   neutral   options  strategy  and  is  a  variant  of  the  Butterfly  Spread  options  trading  strategy.  The  Broken  Wing  Butterfly  Spread  is  simply  a  butterfly  spread   with   risk   inclined   to   one   side.   This   means   that   rather   than   an   equal   risk   when   the   stock   breaks   out   to   topside   or  downside,  the  Broken  Wing  Butterfly  Spread  transfers  all  the  risk  in  one  direction  onto  the  other  in  order  to  create  a  options  trading  risk  profile  with  maximum  loss  when  the  stock  goes  either  upwards  or  downwards  and  totally  safe  when  the  stock  goes  in  the  protected  direction. Broker:  An  individual  or  firm  that  charges  a  fee  or  commission  for  executing  buy  and  sell  orders  submitted  by  an  investor.  The  role  of  a  firm  when  it  acts  as  an  agent  for  a  customer  and  charges  the  customer  a  commission  for  its  services. Bull:  An   investor  who   thinks   the  market,   a   specific   security  or  an   industry  will   rise.   Investors  who   takes  a  bull   approach  will  purchase  securities  under  the  assumption  that  they  can  be  sold  later  at  a  higher  price. Bull  Call  Spread:  An  options  strategy  that  involves  purchasing  call  options  at  a  specific  strike  price  while  also  selling  the  same  number  of  calls  of  the  same  asset  and  expiration  date  but  at  a  higher  strike.  A  bull  call  spread  is  used  when  a  moderate  rise  in  the  price  of  the  underlying  asset  is  expected.  The  maximum  profit  in  this  strategy  is  the  difference  between  the  strike  prices  of  the  long  and  short  options,  less  the  net  cost  of  options.  Most  often,  bull  call  spreads  are  vertical  spreads. Bull  Flag:  The  bull  flag  pattern  is  found  within  an  uptrend  in  a  stock.  This  pattern  is  named  for  the  resemblance  of  a  flag  on  a  pole.  The  bull  flag  is  a  continuation  pattern  pattern  which  only  slightly  retraces  the  advance  preceding  it.  The  technical  buy  is  when  price  penetrates  the  upper  trend  line  of  the  flag  area,  ideally  on  volume  expansion. Bull  Put  Spread:  A  type  of  options  strategy  that  is  used  when  the  investor  expects  a  moderate  rise  in  the  price  of  the  underlying  asset.  This  strategy  is  constructed  by  purchasing  one  put  option  while  simultaneously  selling  another  put  option  with  a  higher  strike  price.   The  goal  of   this   strategy   is   realized  when   the  price  of   the  underlying   stays   above   the  higher   strike  price,  which  causes  the  short  option  to  expire  worthless,  resulting  in  the  trader  keeping  the  premium. Butterfly:  A  neutral  option  strategy  combining  bull  and  bear  spreads.  Butterfly  spreads  use  four  option  contracts  with  the  same  expiration  but  three  different  strike  prices  to  create  a  range  of  prices  the  strategy  can  profit  from.  The  trader  sells  two  option  contracts  at   the  middle  strike  price  and  buys  one  option  contract  at  a   lower  strike  price  and  one  option  contract  at  a  higher  strike  price.  Both  puts  and  calls  can  be  used  for  a  butterfly  spread. Calendar  Spread:  An  options  or  futures  spread  established  by  simultaneously  entering  a  long  and  short  position  on  the  same  underlying  asset  but  with  different  delivery  months.  Sometimes  referred  to  as  an  interdelivery,  intramarket,  time  or  horizontal  spread. Call:  An  option  contract  giving  the  owner  the  right  (but  not  the  obligation)  to  buy  a  specified  amount  of  an  underlying  security  at  a  specified  price  within  a  specified  time. Candlestick:  A  price  chart  that  displays  the  high,  low,  open,  and  close  for  a  security  each  day  over  a  specified  period  of  time. Chicago  Board  Options   Exchange   (CBOE):   Founded   in   1973,   the   CBOE   is   an   exchange   that   focuses   on   options   contracts   for  individual   equities,   indexes   and   interest   rates.   The  CBOE   is   the  world's   largest   options  market.   It   captures   a  majority   of   the  options  traded.   It   is  also  a  market   leader   in  developing  new  financial  products  and  technological   innovation,  particularly  with  electronic  trading.  The  CBOE  is  also  referred  to  as  the  "See-­‐bo". Clearing  House:   An   agency  or   separate   corporation  of   a   futures   exchange   responsible   for   settling   trading   accounts,   clearing  trades,  collecting  and  maintaining  margin  monies,  regulating  delivery  and  reporting  trading  data.   Clearing  houses  act  as  third  parties  to  all  futures  and  options  contracts  -­‐  as  a  buyer  to  every  clearing  member  seller  and  a  seller  to  every  clearing  member  buyer. Commodities:  A  basic  good  used  in  commerce  that  is  interchangeable  with  other  commodities  of  the  same  type.  Commodities  are  most  often  used  as  inputs  in  the  production  of  other  goods  or  services.  The  quality  of  a  given  commodity  may  differ  slightly,  but   it   is  essentially  uniform  across  producers.  When  they  are   traded  on  an  exchange,  commodities  must  also  meet  specified  minimum  standards,  also  known  as  a  basis  grade.   Any  good  exchanged  during  commerce,  which  includes  goods  traded  on  a  commodity  exchange. Contrarian:  An   investment   style   that   goes  against  prevailing  market   trends  by  buying  assets   that   are  performing  poorly   and  then  selling  when  they  perform  well. Covered  Call:  An  options  strategy  whereby  an  investor  holds  a  long  position  in  an  asset  and  writes  (sells)  call  options  on  that  same  asset  in  an  attempt  to  generate  increased  income  from  the  asset.  This  is  often  employed  when  an  investor  has  a  short-­‐

term  neutral  view  on  the  asset  and  for  this  reason  hold  the  asset  long  and  simultaneously  have  a  short  position  via  the  option  to  generate  income  from  the  option  premium.  This  is  also  known  as  a  "buy-­‐write". Credit:  A  contractual  agreement  in  which  a  borrower  receives  something  of  value  now  and  agrees  to  repay  the  lender  at  some  date   in   the   future,   generally  with   interest.   The   term   also   refers   to   the   borrowing   capacity   of   an   individual   or   company.   An  accounting   entry   that   either   decreases   assets   or   increases   liabilities   and   equity   on   the   company's   balance   sheet.   On   the  company's  income  statement,  a  debit  will  reduce  net  income,  while  a  credit  will  increase  net  income. Cup  and  Handle:  A  pattern  on  bar  charts  resembling  a  cup  with  a  handle.  The  cup  is  in  the  shape  of  a  "U"  and  the  handle  has  a  slight  downward  drift.  The  right-­‐hand  side  of  the  pattern  has  low  trading  volume.  It  can  be  as  short  as  seven  weeks  and  as  long  as  65  weeks.  As  the  stock  comes  up  to  test  the  old  highs,  the  stock  will  incur  selling  pressure  by  the  people  who  bought  at  or  near  the  old  high.  This  selling  pressure  will  make  the  stock  price  trade  sideways  with  a  tendency  towards  a  downtrend  for  four  days  to  four  weeks...  then  it  takes  off. Day  Orders:  An  order  to  buy  or  sell  a  security  that  automatically  expires  if  not  executed  on  the  day  the  order  was  placed.  A  day  order  is  an  order  that  is  good  for  that  day  only.  If   it   is  not  filled  it  will  be  canceled,  and  it  will  not  be  filled  if  the  limit  or  stop  order  price  was  not  met  during  the  trading  session. Day  Trading:  An  investor  who  attempts  to  profit  by  making  rapid  trades  intraday.  A  day  trader  often  closes  out  all  trades  before  the   market   close   and   does   not   hold   any   open   positions   overnight.   Some   day   traders   use   leverage   to   magnify   the   returns  generated  from  small  stock  price  movements. Debt:   An   amount   of  money   borrowed  by   one   party   from  another.  Many   corporations/individuals   use   debt   as   a  method   for  making  large  purchases  that  they  could  not  afford  under  normal  circumstances.  A  debt  arrangement  gives  the  borrowing  party  permission  to  borrow  money  under  the  condition  that  it  is  to  be  paid  back  at  a  later  date,  usually  with  interest. Delta:   The   ratio   comparing   the   change   in   the   price   of   the   underlying   asset   to   the   corresponding   change   in   the   price   of   a  derivative.  Sometimes  referred  to  as  the  "hedge  ratio." Derivative:  A  security  whose  price   is  dependent  upon  or  derived  from  one  or  more  underlying  assets.  The  derivative   itself   is  merely   a   contract   between   two   or  more   parties.   Its   value   is   determined   by   fluctuations   in   the   underlying   asset.   The  most  common  underlying  assets  include  stocks,  bonds,  commodities,  currencies,  interest  rates  and  market  indexes.  Most  derivatives  are  characterized  by  high  leverage Doji:  A  name  for  candlesticks  that  provide  information  on  their  own  and  also  feature  in  a  number  of  important  patterns.  Dojis  form  when  a  security's  open  and  close  are  virtually  equal Dow-­‐Jones   Industrial  Average   (DJIA):   The  Dow   Jones   Industrial   Average   is   a   price-­‐weighted   average  of   30   significant   stocks  traded  on  the  New  York  Stock  Exchange  and  the  Nasdaq.  The  DJIA  was  invented  by  Charles  Dow  back  in  1896. Dow  Theory:    A  theory  which  says  the  market  is  in  an  upward  trend  if  one  of  its  averages  (industrial  or  transportation)  advances  above  a  previous  important  high,  it  is  accompanied  or  followed  by  a  similar  advance  in  the  other. Downgrade:  A  negative  change  in  the  rating  of  a  security.  This  situation  occurs  when  analysts  feel  that  the  future  prospects  for  the   security   have   weakened   from   the   original   recommendation,   usually   due   to   a   material   and   fundamental   change   in   the  company's  operations,  future  outlook  or  industry. Downtick:  A  transaction  on  an  exchange  that  occurs  at  a  price  below  the  previous  transaction.   In  order  for  a  downtick  to  occur,  a  transaction  price  must  be  followed  by  a  decreased  transaction  price.  This  is  commonly  used  in  reference  to  stocks,  but  it  can  also  be  extended  to  commodities  and  other  forms  of  securities. Dividend:  A  distribution  of  a  portion  of  a  company's  earnings,  decided  by  the  board  of  directors,  to  a  class  of  its  shareholders.  The   dividend   is  most   often   quoted   in   terms   of   the   dollar   amount   each   share   receives   (dividends   per   share).   It   can   also   be  quoted  in  terms  of  a  percent  of  the  current  market  price,  referred  to  as  dividend  yield. Mandatory  distributions  of  income  and  realized  capital  gains  made  to  mutual  fund  investors. Dividend  Ex-­‐Date:  The  date  on  or  after  which  a  security  is  traded  without  a  previously  declared  dividend  or  distribution.  After  the  ex-­‐date,  a  stock  is  said  to  trade  ex-­‐dividend. Earnings:  The  amount  of  profit  that  a  company  produces  during  a  specific  period,  which  is  usually  defined  as  a  quarter  (three  calendar  months)   or   a   year.   Earnings   typically   refer   to   after-­‐tax   net   income.   Ultimately,   a   business's   earnings   are   the  main  determinant  of  its  share  price,  because  earnings  and  the  circumstances  relating  to  them  can  indicate  whether  the  business  will  be  profitable  and  successful  in  the  long  run. EPS:  (Earnings  Per  Share)  The  portion  of  a  company's  profit  allocated  to  each  outstanding  share  of  common  stock.  Earnings  per  share   serves   as   an   indicator   of   a   company's   profitability.  When   calculating,   it   is   more   accurate   to   use   a   weighted   average  number   of   shares   outstanding   over   the   reporting   term,   because   the   number   of   shares   outstanding   can   change   over   time.  

However,  data  sources  sometimes  simplify  the  calculation  by  using  the  number  of  shares  outstanding  at  the  end  of  the  period.  Diluted  EPS  expands  on  basic   EPS  by   including   the   shares  of   convertibles  or  warrants  outstanding   in   the  outstanding   shares  number. Equities:  A  stock  or  any  other  security  representing  an  ownership  interest.  On  a  company's  balance  sheet,  the  amount  of  the  funds  contributed  by   the  owners   (the  stockholders)  plus   the   retained  earnings   (or   losses).  Also   referred   to  as   "shareholders'  equity".  In  the  context  of  margin  trading,  the  value  of  securities  in  a  margin  account  minus  what  has  been  borrowed  from  the  brokerage.   In   terms   of   investment   strategies,   equity   (stocks)   is   one   of   the   principal   asset   classes.   The   other   two   are   fixed-­‐income  (bonds)  and  cash/cash-­‐equivalents.  These  are  used   in  asset  allocation  planning  to  structure  a  desired  risk  and  return  profile  for  an  investor's  portfolio. Expiration:  The  last  day  that  an  options  or  futures  contract  is  valid.  When  an  investor  buys  an  option,  the  contract  gives  them  the  right  but  not  the  obligation  to  buy  or  sell  an  asset  at  a  predetermined  price,  called  a  strike  price,  within  a  given  time  period,  which   is  on  or  before  the  expiration  date.   If   the   investor  chooses  not  to  exercise  that  right,   the  option  expires  and  becomes  worthless  and  the  investor  loses  the  money  paid  to  buy  the  option. Exponential  Moving  Averages:  A  type  of  moving  average  that  is  similar  to  a  simple  moving  average,  except  that  more  weight  is  given  to  the  latest  data.  The  exponential  moving  average  is  also  known  as  "exponentially  weighted  moving  average". Float:   The   total   number   of   shares   publicly   owned   and   available   for   trading.   The   float   is   calculated   by   subtracting   restricted  shares   from  outstanding  shares.  A   float  can  also   refer   to  a  small  portion  of   the  money  supply   representing  a  balance   that   is  simultaneously   present   in   a   buyers   and   a   payers   account.   A   float   results   from   the   delay   occurring   between   the   time   that   a  cheque   is  written  and   the  money  actually  being  deducted   from  the  writer's  account.  These  balances  are   temporarily  double  counted  as  part  of  the  overall  money  supply. Forward  Volatility:  A  measure  of  the  implied  volatility  of  a  financial  instrument  over  a  period  in  the  future,  extracted  from  the  term   structure   of   volatility   (which   refers   to   how   implied   volatility   differs   for   related   financial   instruments   with   different  maturities). Fundamental  Analysis:  A  method  of  evaluating  a  security   that  entails  attempting  to  measure   its   intrinsic  value  by  examining  related  economic,   financial  and  other  qualitative  and  quantitative   factors.  Fundamental  analysts  attempt  to  study  everything  that   can  affect   the   security's   value,   including  macroeconomic   factors   (like   the  overall   economy  and   industry   conditions)   and  company-­‐specific  factors  (like  financial  condition  and  management).   The  end  goal  of  performing  fundamental  analysis  is  to  produce  a  value  that  an  investor  can  compare  with  the  security's  current  price,  with  the  aim  of  figuring  out  what  sort  of  position  to  take  with  that  security  (underpriced  =  buy,  overpriced  =  sell  or  short). Futures:   A   financial   contract   obligating   the   buyer   to   purchase   an   asset   (or   the   seller   to   sell   an   asset),   such   as   a   physical  commodity   or   a   financial   instrument,   at   a   predetermined   future   date   and   price.   Futures   contracts   detail   the   quality   and  quantity  of  the  underlying  asset;  they  are  standardized  to  facilitate  trading  on  a  futures  exchange.  Some  futures  contracts  may  call  for  physical  delivery  of  the  asset,  while  others  are  settled  in  cash.  The  futures  markets  are  characterized  by  the  ability  to  use  very  high  leverage  relative  to  stock  markets.  Futures  can  be  used  either  to  hedge  or  to  speculate  on  the  price  movement  of  the  underlying  asset.  For  example,  a  producer  of  corn  could  use  futures  to  lock  in  a  certain  price  and  reduce  risk  (hedge).  On  the  other  hand,  anybody  could  speculate  on  the  price  movement  of  corn  by  going  long  or  short  using  futures. Gamma:   The   rate   of   change   for   delta  with   respect   to   the   underlying   asset's   price.   Gamma   is   an   important  measure   of   the  convexity  of   a  derivative's   value,   in   relation   to   the  underlying.   In   a  delta-­‐hedge   strategy,   gamma   is   sought   to  be   reduced   in  order   to  maintain   a   hedge  over   a  wider   price   range.  A   consequence  of   reducing   gamma,   however,   is   that   alpha   too  will   be  reduced. Gap  Up  /  Down:  An  up  gap  forms  when  a  security  opens  above  the  previous  period's  high,  remains  above  the  previous  high  for  the  entire  period  and  closes  above  it.  Up  gaps  can  form  on  daily,  weekly  or  monthly  charts  and  are  generally  considered  bullish.  A  down  gap  forms  when  a  security  opens  below  the  previous  period's  low,  remains  below  the  previous  low  for  the  entire  period  and  closes  below  it.  Down  gaps  can  form  on  daily,  weekly  or  monthly  charts  and  are  generally  considered  bearish. (Good  Til  Canceled)  GTC  Order:  An  order  to  buy  or  sell  a  security  at  a  set  price  that  is  active  until  the  investor  decides  to  cancel  it  or  the  trade  is  executed.  If  an  order  does  not  have  a  good-­‐'til-­‐canceled  instruction  then  the  order  will  expire  at  the  end  of  the  trading  day  the  order  was  placed. Gut  Spread:  An  option  strategy  created  by  buying  or  selling  an  in-­‐the-­‐money  put  at  the  same  time  as  an  in-­‐the-­‐money  call.  Long  gut  spreads  are  used  by  option  traders  in  instances  where  they  believe  that  the  underlying  stock  will  move  significantly,  but  are  unsure  whether  it  will  be  up  or  down.  In  contrast,  a  short  gut  spread  is  used  when  the  underlying  stock  isn't  expected  to  make  any  significant  movement.

Hard   to   Borrow   List:   A   list   used   by   brokerages   to   indicate   securities   considered   difficult   or   unavailable   to   borrow   for   short  selling  transactions. Head  and  Shoulders  Pattern:  A  technical  analysis  term  used  to  describe  a  chart  formation  in  which  a  stock's  price:   A.  Rises  to  a  peak  and  subsequently  declines. B.  Then,  the  price  rises  above  the  former  peak  and  again  declines. C.  And  finally,  rises  again,  but  not  to  the  second  peak,  and  declines  once  more. Hedge:  Making  an  investment  to  reduce  the  risk  of  adverse  price  movements  in  an  asset.  Normally,  a  hedge  consists  of  taking  an  offsetting  position  in  a  related  security,  such  as  a  futures  contract. Hedge  Fund:  An  aggressively  managed  portfolio  of   investments   that  uses  advanced   investment  strategies   such  as   leveraged,  long,  short  and  derivative  positions  in  both  domestic  and  international  markets  with  the  goal  of  generating  high  returns  (either  in  an  absolute  sense  or  over  a  specified  market  benchmark).   Legally,  hedge  funds  are  most  often  set  up  as  private  investment  partnerships  that  are  open  to  a  limited  number  of  investors  and   require  a   very   large   initial  minimum   investment.   Investments   in  hedge   funds  are   illiquid  as   they  often   require   investors  keep  their  money  in  the  fund  for  at  least  one  year. High  Frequency  Trading:  A  program  trading  platform  that  uses  powerful  computers  to  transact  a  large  number  of  orders  at  very  fast  speeds.  High-­‐frequency  trading  uses  complex  algorithms  to  analyze  multiple  markets  and  execute  orders  based  on  market  conditions.  Typically,  the  traders  with  the  fastest  execution  speeds  will  be  more  profitable  than  traders  with  slower  execution  speeds.  As  of  2009,  it  is  estimated  more  than  50%  of  exchange  volume  comes  from  high-­‐frequency  trading  orders. Historical   Volatility:   The   realized   volatility   of   a   financial   instrument   over   a   given   time   period.   Generally,   this   measure   is  calculated   by   determining   the   average   deviation   from   the   average   price   of   a   financial   instrument   in   the   given   time   period.  Standard   deviation   is   the   most   common   but   not   the   only   way   to   calculate   historical   volatility.   Also   known   as   "statistical  volatility." HODs:  High  of  the  Day Implied   Volatility:   The   estimated   volatility   of   a   security's   price.   In   general,   implied   volatility   increases   when   the   market   is  bearish  and  decreases  when  the  market  is  bullish.  This  is  due  to  the  common  belief  that  bearish  markets  are  more  risky  than  bullish  markets.  Implied  volatility  is  sometimes  referred  to  as  "vols." In  the  Money:  For  a  call  option,  when  the  option's  strike  price  is  below  the  market  price  of  the  underlying  asset. For  a  put  option,  when  the  strike  price  is  above  the  market  price  of  the  underlying  asset. Being  in  the  money  does  not  mean  you  will  profit,  it  just  means  the  option  is  worth  exercising.  This  is  because  the  option  costs  money  to  buy. Income:  Economic  wealth  that   is  generated   in  exchange  for  an   individual's  performance  of  agreed  upon  activities  or  through  investing  capital.  Income  is  consumed  to  fuel  day-­‐to-­‐day  expenditures. In  businesses,  income  can  refer  to  a  company's  remaining  revenues  after  all  expenses  and  taxes  have  been  paid.  In  this  case,  it  is  also  known  as  "earnings". Index:  A   statistical  measure  of  change   in  an  economy  or  a   securities  market.   In   the  case  of   financial  markets,  an   index   is  an  imaginary   portfolio   of   securities   representing   a   particular   market   or   a   portion   of   it.   Each   index   has   its   own   calculation  methodology  and  is  usually  expressed  in  terms  of  a  change  from  a  base  value.  Thus,  the  percentage  change  is  more  important  than  the  actual  numeric  value.   Stock  and  bond  market  indexes  are  used  to  construct  index  mutual  funds  and  exchange-­‐traded  funds  (ETFs)  whose  portfolios  mirror  the  components  of  the  index. Indicator:  Statistics  used  to  measure  current  conditions  as  well  as  to  forecast  financial  or  economic  trends.  Indicators  are  used  extensively   in   technical   analysis   to   predict   changes   in   stock   trends   or   price   patterns.   In   fundamental   analysis,   economic  indicators   that   quantify   current   economic   and   industry   conditions   are   used   to   provide   insight   into   the   future   profitability  potential  of  public  companies. Industry:  A  classification  that  refers  to  a  group  of  companies  that  are  related   in  terms  of   their  primary  business  activities.   In  modern   economies,   there   are   dozens   of   different   industry   classifications,  which   are   typically   grouped   into   larger   categories  called  sectors. Individual   companies   are   generally   classified   into   industries   based   on   their   largest   sources   of   revenue.   For   example,   an  automobile  manufacturer  might  have  a  small  financing  division  that  contributes  10%  to  overall  revenues,  but  the  company  will  still  be  universally  classified  as  an  auto  maker  for  attribution  purposes.

Initial  Public  Offering  (IPO):  The  first  sale  of  stock  by  a  private  company  to  the  public.  IPOs  are  often  issued  by  smaller,  younger  companies  seeking  the  capital  to  expand,  but  can  also  be  done  by  large  privately  owned  companies  looking  to  become  publicly  traded.  In  an  IPO,  the  issuer  obtains  the  assistance  of  an  underwriting  firm,  which  helps  it  determine  what  type  of  security  to  issue  (common  or  preferred),  the  best  offering  price  and  the  time  to  bring  it  to  market.  Also  referred  to  as  a  "public  offering." Investing:  The  act  of  committing  money  or  capital  to  an  endeavor  (a  business,  project,  real  estate,  etc.)  with  the  expectation  of  obtaining  an  additional  income  or  profit.  Investing  also  can  include  the  amount  of  time  you  put  into  the  study  of  a  prospective  company,  especially  since  time  is  money. Inverse  Head  and  Shoulders:  A   chart  pattern  used   in   technical   analysis   to  predict   the   reversal  of   a   current  downtrend.   This  pattern  is  identified  when  the  price  action  of  a  security  meets  the  following  characteristics:      A.  The  price  falls  to  a  trough  and  then  rises.      B.  The  price  falls  below  the  former  trough  and  then  rises  again.      C.  Finally,  the  price  falls  again,  but  not  as  far  as  the  second  trough. Iron  Butterfly:  An  options  strategy  that  is  created  with  four  options  at  three  consecutively  higher  strike  prices.  The  two  options  located  at  the  middle  strike  create  a  long  or  short  straddle  (one  call  and  one  put  with  the  same  strike  price  and  expiration  date)  depending  on  whether  the  options  are  being  bought  or  sold.  The  "wings"  (options  at  the  higher  and  lower  strike  prices)  of  the  strategy  are  created  by  the  purchase  or  sale  of  a  strangle  (one  call  and  one  put  at  different  strike  prices  but  the  same  expiration  date).  This  strategy  differs  from  the  butterfly  spread  because  it  uses  both  calls  and  puts,  as  opposed  to  all  calls  or  all  puts. Iron  Condor:  An  advanced  options  strategy  that  involves  buying  and  holding  four  different  options  with  different  strike  prices.  The  iron  condor  is  constructed  by  holding  a  long  and  short  position  in  two  different  strangle  strategies.  A  strangle  is  created  by  buying  or  selling  a  call  option  and  a  put  option  with  different  strike  prices,  but  the  same  expiration  date.  The  potential  for  profit  or  loss  is  limited  in  this  strategy  because  an  offsetting  strangle  is  positioned  around  the  two  options  that  make  up  the  strangle  at  the  middle  strike  prices. Level   2:   A   trading   service   consisting   of   real-­‐time   access   to   the   quotations   of   individual   market   makers   registered   in   every  Nasdaq  listed  security,  as  well  as  market  makers'  quotes  in  OTC  Bulletin  Board  securities. Limit  Order:  An  order  placed  with  a  brokerage  to  buy  or  sell  a  set  number  of  shares  at  a  specified  price  or  better.  Limit  orders  also  allow  an  investor  to  limit  the  length  of  time  an  order  can  be  outstanding  before  being  canceled.   Depending  on  the  direction  of  the  position,  limit  orders  are  sometimes  referred  to  more  specifically  as  a  buy  limit  order,  or  a  sell  limit  order. Liquidity:   The  degree   to  which   an   asset   or   security   can  be  bought  or   sold   in   the  market  without   affecting   the   asset's   price.  Liquidity  is  characterized  by  a  high  level  of  trading  activity.  Assets  that  can  be  easily  bought  or  sold  are  known  as  liquid  assets.  The  ability  to  convert  an  asset  to  cash  quickly.  Also  known  as  "marketability".  There  is  no  specific   liquidity  formula;  however,  liquidity  is  often  calculated  by  using  liquidity  ratios. LODs:  Low  of  the  Day Long  The  buying  of  a  security  such  as  a  stock,  commodity  or  currency,  with  the  expectation  that  the  asset  will  rise  in  value.  In  the  context  of  options,  the  buying  of  an  options  contract.  ~Opposite  of  "short"  (or  short  position). Margin:    Borrowed  money  that  is  used  to  purchase  securities.  This  practice  is  referred  to  as  "buying  on  margin".  The  amount  of  equity  contributed  by  a  customer  as  a  percentage  of  the  current  market  value  of  the  securities  held  in  a  margin  account. Mark   to  Market:   A  measure  of   the   fair   value  of   accounts   that   can   change  over   time,   such   as   assets   and   liabilities.  Mark   to  market  aims  to  provide  a  realistic  appraisal  of  an  institution's  or  company's  current  financial  situation. The  accounting  act  of  recording  the  price  or  value  of  a  security,  portfolio  or  account  to  reflect  its  current  market  value  rather  than  its  book  value.   3.  When  the  net  asset  value  (NAV)  of  a  mutual  fund  is  valued  based  on  the  most  current  market  valuation. Market   Capitalization:   The   total   dollar   market   value   of   all   of   a   company's   outstanding   shares.   Market   capitalization   is  calculated  by  multiplying  a  company's  shares  outstanding  by  the  current  market  price  of  one  share.  The  investment  community  uses  this  figure  to  determine  a  company's  size,  as  opposed  to  sales  or  total  asset  figures. Frequently  referred  to  as  "market  cap Market  Order:  An  order  that  an  investor  makes  through  a  broker  or  brokerage  service  to  buy  or  sell  an  investment  immediately  at  the  best  available  current  price.  A  market  order  is  the  default  option  and  is  likely  to  be  executed  because  it  does  not  contain  restrictions  on  the  buy/sell  price  or  the  timeframe  in  which  the  order  can  be  executed.   A  market  order  is  also  sometimes  referred  to  as  an  "unrestricted  order."

Market  Maker:  A  broker-­‐dealer  firm  that  accepts  the  risk  of  holding  a  certain  number  of  shares  of  a  particular  security  in  order  to  facilitate  trading  in  that  security.  Each  market  maker  competes  for  customer  order  flow  by  displaying  buy  and  sell  quotations  for  a  guaranteed  number  of  shares.  Once  an  order  is  received,  the  market  maker  immediately  sells  from  its  own  inventory  or  seeks  an  offsetting  order.  This  process  takes  place  in  mere  seconds. Mutual   Fund:   An   investment   vehicle   that   is  made   up   of   a   pool   of   funds   collected   from  many   investors   for   the   purpose   of  investing   in   securities   such   as   stocks,   bonds,   money  market   instruments   and   similar   assets.  Mutual   funds   are   operated   by  money  managers,  who   invest   the   fund's  capital  and  attempt   to  produce  capital  gains  and   income   for   the   fund's   investors.  A  mutual  fund's  portfolio  is  structured  and  maintained  to  match  the  investment  objectives  stated  in  its  prospectus. Naked   Call:   An   options   strategy   in   which   an   investor   writes   (sells)   call   options   on   the   open   market   without   owning   the  underlying   security.   This   stands   in   contrast   to   a   covered   call   strategy,  where   the   investor   owns   the   security   shares   that   are  eligible  to  be  exercised  under  the  options  contract.  This  strategy   is  sometimes  referred  to  as  an  "uncovered  call"  or  a  "short  call". Naked  Put:   A  put  option  whose  writer  does  not  have   a   short   position   in   the   stock  on  which  he  or   she  has  written   the  put.  Sometimes  referred  to  as  an  "uncovered  put." Option  Industry  Council  (OIC):  A  cooperative  formed  in  1992  by  U.S.  options  exchanges  and  Options  Clearing  Corporation  (OCC)  to  educate  investors  and  financial  advisers  regarding  the  benefits  and  risks  of  exchange-­‐traded  equity  options. Options:  A  financial  derivative  that  represents  a  contract  sold  by  one  party  (option  writer)  to  another  party  (option  holder).  The  contract  offers   the  buyer   the   right,   but  not   the  obligation,   to  buy   (call)   or   sell   (put)   a   security  or  other   financial   asset  at   an  agreed-­‐upon  price  (the  strike  price)  during  a  certain  period  of  time  or  on  a  specific  date  (exercise  date). Out  of  the  Money:  For  a  call,  when  an  option's  strike  price  is  higher  than  the  market  price  of  the  underlying  asset.   For  a  put,  when  the  strike  price  is  below  the  market  price  of  the  underlying  asset. Over  the  Counter  (OTC):  A  security  traded  in  some  context  other  than  on  a  formal  exchange  such  as  the  NYSE,  TSX,  AMEX,  etc.  The  phrase  "over-­‐the-­‐counter"  can  be  used  to  refer  to  stocks  that  trade  via  a  dealer  network  as  opposed  to  on  a  centralized  exchange.  It  also  refers  to  debt  securities  and  other  financial  instruments  such  as  derivatives,  which  are  traded  through  a  dealer  network. P/E  Ratio:  A  valuation  ratio  of  a  company's  current  share  pricecompared  to  its  per-­‐share  earnings. EPS  is  usually  from  the  last  four  quarters  (trailing  P/E),  but  sometimes  it  can  be  taken  from  the  estimates  of  earnings  expected  in   the  next   four  quarters   (projected  or   forward  P/E).  A   third   variation  uses   the   sum  of   the   last   two  actual   quarters   and   the  estimates  of  the  next  two  quarters. Also  sometimes  known  as  "price  multiple"  or  "earnings  multiple". Penny   Stock:   A   stock   that   trades   at   a   relatively   low   price   and   market   capitalization,   usually   outside   of   the   major   market  exchanges.   These   types   of   stocks   are   generally   considered   to   be   highly   speculative   and   high   risk   because   of   their   lack   of  liquidity,  large  bid-­‐ask  spreads,  small  capitalization  and  limited  following  and  disclosure.  They  will  often  trade  over  the  counter  through  the  OTCBB  and  pink  sheets. Premarket:  A  period  of  trading  activity  that  occurs  before  the  regular  market  session.  The  pre-­‐market  trading  session  typically  occurs  between  8:00   -­‐  9:30  A.M.  EST  each   trading  day.  Many   investors  and   traders  watch   the  pre-­‐market   trading  activity   to  judge  the  strength  and  direction  of  the  market  in  anticipation  for  the  regular  trading  session. Premium:   The   total   cost   of   an   option.   The   difference   between   the   higher   price   paid   for   a   fixed-­‐income   security   and   the  security's  face  amount  at  issue. Price-­‐to-­‐Earnings-­‐to-­‐Growth:  A  ratio  used  to  determine  a  stock's  value  while  taking  into  account  earnings  growth. Put:  An  option  contract  giving  the  owner  the  right,  but  not  the  obligation,  to  sell  a  specified  amount  of  an  underlying  asset  at  a  set  price  within  a  specified   time.  The  buyer  of  a  put  option  estimates   that   the  underlying  asset  will  drop  below  the  exercise  price  before  the  expiration  date. Quantitative   Easing:   A   government  monetary   policy   occasionally   used   to   increase   the  money   supply   by   buying   government  securities  or  other  securities  from  the  market.  Quantitative  easing  increases  the  money  supply  by  flooding  financial  institutions  with  capital,  in  an  effort  to  promote  increased  lending  and  liquidity. Ratio  Spread:  An  options  strategy  in  which  an  investor  simultaneously  holds  an  unequal  number  of  long  and  short  positions.  A  commonly  used  ratio  is  two  short  options  for  every  option  purchased. Resistance:  The  price  at  which  a  stock  or  market  can  trade,  but  not    exceed,  for  a  certain  period  of  time.  Often  referred  to  as  "resistance  level".

Reverse  Stock  Split:  A  reduction  in  the  number  of  a  corporation's  shares  outstanding  that  increases  the  par  value  of  its  stock  or  its  earnings  per  share.  The  market  value  of  the  total  number  of  shares  (market  capitalization)  remains  the  same. Rho:  The  rate  at  which  the  price  of  a  derivative  changes  relative  to  a  change  in  the  risk-­‐free  rate  of  interest.  Rho  measures  the  sensitivity  of  an  option  or  options  portfolio  to  a  change  in  interest  rate. Sales:  The  amount  of  sales  generated  by  a  company  after  the  deduction  of  returns,  allowances  for  damaged  or  missing  goods  and  any  discounts  allowed.  The  sales  number  reported  on  a  company's   financial  statements   is  a  net  sales  number,  reflecting  these  deductions. Scalping:  A  trading  strategy  that  attempts  to  make  many  profits  on  small  price  changes.  Traders  who  implement  this  strategy  will  place  anywhere  from  10  to  a  couple  hundred  trades  in  a  single  day  in  the  belief  that  small  moves  in  stock  price  are  easier  to  catch  than  large  ones. Scans:  A  list  of  stocks,  sorted  and  filtered  according  to  criteria  that  vary  with  the  scan. Sectors:  An  area  of  the  economy  in  which  businesses  share  the  same  or  a  related  product  or  service.  Economies  are  comprised  of  four  sectors.  The  primary  sector  involves  the  extraction  and  harvesting  of  natural  products  from  the  earth  (e.g.,  agriculture,  mining  and  forestry).  The  secondary  sector  consists  of  processing,  manufacturing  and  construction.  The  tertiary  sector  provides  services,  such  as  retail  sales,  entertainment  and  financial  services.  The  quaternary  sector  is  made  up  of  intellectual  pursuits,  like  education.  An  industry  or  market  sharing  common  characteristics.  Investors  use  sectors  to  place  stocks  and  other  investments  into   categories   like   technology,  health   care,   energy,  utilities   and   telecommunications.   Each   sector  has  unique   characteristics  and  a  different  risk  profile. Securities  and  Exchange  Commission  (SEC):  A  government  commission  created  by  Congress  to  regulate  the  securities  markets  and  protect  investors.  In  addition  to  regulation  and  protection,  it  also  monitors  the  corporate  takeovers  in  the  U.S.  The  SEC  is  composed  of  five  commissioners  appointed  by  the  U.S.  President  and  approved  by  the  Senate.  The  statutes  administered  by  the  SEC   are   designed   to   promote   full   public   disclosure   and   to   protect   the   investing   public   against   fraudulent   and  manipulative  practices  in  the  securities  markets.  Generally,  most  issues  of  securities  offered  in  interstate  commerce,  through  the  mail  or  on  the  internet  must  be  registered  with  the  SEC. Short:    The  sale  of  a  borrowed  security,  commodity  or  currency  with  the  expectation  that  the  asset  will  fall  in  value. In  the  context  of  options,  it  is  the  sale  (also  known  as  "writing")  of  an  options  contract. Short  Interest:  The  quantity  of  stock  shares  that  investors  have  sold  short  but  not  yet  covered  or  closed  out.  Short  interest  is  a  market-­‐sentiment  indicator  that  tells  whether  investors  think  a  stock's  price  is  likely  to  fall.  Short  interest  can  also  be  compared  over   time   to   examine   changes   in   investor   sentiment.   Investors   use   short   interest   to  make  predictions   about   the  direction   a  particular   stock   is   headed,   and   to  measure   the   bullishness   or   bearishness   of   investors'   sentiment   towards   the  market   as   a  whole. Short  Squeeze:  A  situation  in  which  a  lack  of  supply  and  an  excess  demand  for  a  traded  stock  forces  the  price  upward.  During  a  short  squeeze,  individuals  holding  short  positions  are  typically  forced  to  purchase  shares  in  situations  where  the  price  increases  rapidly,  in  order  to  exit  their  short  position.   Short  squeezes  occur  more  often  in  smaller-­‐cap  stocks  with  small  floats. Simple  Moving  Averages:  A  simple,  or  arithmetic,  moving  average  that  is  calculated  by  adding  the  closing  price  of  the  security  for  a  number  of  time  periods  and  then  dividing  this  total  by  the  number  of  time  periods.  Short-­‐term  averages  respond  quickly  to  changes  in  the  price  of  the  underlying,  while  long-­‐term  averages  are  slow  to  react. Stock  Split:  A  corporate  action  in  which  a  company's  existing  shares  are  divided  into  multiple  shares.  Although  the  number  of  shares  outstanding  increases  by  a  specific  multiple,  the  total  dollar  value  of  the  shares  remains  the  same  compared  to  pre-­‐split  amounts,  because  no  real  value  has  been  added  as  a  result  of  the  split. In  the  U.K.,  a  stock  split  is  referred  to  as  a  "scrip  issue,"  "bonus  issue,"  "capitalization  issue"  or  "free  issue." Stop:   An   order   to   buy   or   sell   a   security   when   its   price   surpasses   a   particular   point,   thus   ensuring   a   greater   probability   of  achieving  a  predetermined  entry  or  exit  price,  limiting  the  investor's  loss  or  locking  in  his  or  her  profit.  Once  the  price  surpasses  the  predefined  entry/exit  point,  the  stop  order  becomes  a  market  order.  Also  referred  to  as  a  "stop"  and/or  "stop-­‐loss  order." Stop-­‐Loss:  An  order  placed  with  a  broker  to  sell  a  security  when  it  reaches  a  certain  price.  A  stop-­‐loss  order  is  designed  to  limit  an  investor's  loss  on  a  security  position.  Also  known  as  a  "stop  order"  or  "stop-­‐market  order". Strangle:    An  options  strategy  where  the  investor  holds  a  position  in  both  a  call  and  put  with  different  strike  prices  but  with  the  same   maturity   and   underlying   asset.   This   option   strategy   is   profitable   if   there   are   large   movements   in   the   price   of   the  underlying  asset.  This  is  a  good  strategy  if  you  think  there  will  be  a  large  price  movement  in  the  near  future  but  are  unsure  of  which  way  that  price  movement  will  be.

Strike:  The  price  at  which  a  specific  derivative  contract  can  be  exercised.  Strike  prices  is  mostly  used  to  describe  stock  and  index  options,  in  which  strike  prices  are  fixed  in  the  contract.  For  call  options,  the  strike  price  is  where  the  security  can  be  bought  (up  to  the  expiration  date),  while  for  put  options  the  strike  price  is  the  price  at  which  shares  can  be  sold.  The  difference  between  the  underlying  security's  current  market  price  and  the  option's  strike  price  represents   the  amount  of  profit  per  share  gained  upon  the  exercise  or  the  sale  of  the  option.  This  is  true  for  options  that  are  in  the  money;  the  maximum  amount  that  can  be  lost  is  the  premium  paid. Support:  The  price  level  which,  historically,  a  stock  has  had  difficulty  falling  below.  It  is  thought  of  as  the  level  at  which  a  lot  of  buyers  tend  to  enter  the  stock.  Often  referred  to  as  the  "support  level". Swing  Trading:  A  style  of  trading  that  attempts  to  capture  gains  in  a  stock  within  one  to  365  days.  Swing  traders  use  technical  analysis   to   look   for   stocks  with   short-­‐term  price  momentum.  These   traders   aren't   interested   in   the   fundamental   or   intrinsic  value  of  stocks,  but  rather  in  their  price  trends  and  patterns. Technical  Analysis:  A  method  of  evaluating  securities  by  analyzing  statistics  generated  by  market  activity,  such  as  past  prices  and  volume.  Technical  analysts  do  not  attempt  to  measure  a  security's  intrinsic  value,  but  instead  use  charts  and  other  tools  to  identify  patterns  that  can  suggest  future  activity. Theta:  A  measure  of  the  rate  of  decline  in  the  value  of  an  option  due  to  the  passage  of  time.  Theta  can  also  be  referred  to  as  the  time  decay  on  the  value  of  an  option.  If  everything  is  held  constant,  then  the  option  will  lose  value  as  time  moves  closer  to  the  maturity   of   the   option.   Theta   is   part   of   the   group   of  measures   known   as   the   "Greeks"   (other  measures   include   delta,  gamma  and  vega)  which  are  used  in  options  pricing. Tick:  The  minimum  upward  or  downward  movement  in  the  price  of  a  security.  The  term  "tick"  also  refers  to  the  change  in  the  price  of  a  security  from  trade  to  trade.  Since  2001,  with  the  advent  of  decimalization,  the  minimum  tick  size  for  stocks  trading  above  $1  is  1  cent. Trailing  Stop:  A  stop-­‐loss  order  set  at  a  percentage  level  below  the  market  price  -­‐  for  a  long  position.  The  trailing  stop  price  is  adjusted  as   the  price   fluctuates.  The   trailing  stop  order  can  be  placed  as  a   trailing  stop   limit  order,  or  a   trailing  stop  market  order.  Also  known  as  a  Trailing  Stop  Order. Trendline:  A  line  that  is  drawn  over  pivot  highs  or  under  pivot  lows  to  show  the  prevailing  direction  of  price.  Trendlines  are  a  visual  representation  of  support  and  resistance  in  any  time  frame. Upgrade:   A   positive   change   in   the   rating   of   a   security.   An   upgrade   is   usually   triggered   by   a   steady   improvement   in   the  fundamentals  and  financials  of  the  entity  that  has  issued  the  security.  Upgrades  to  the  credit  rating  of  corporate  issuers  of  debt  securities  are  issued  by  rating  agencies,  such  as  Standard  &  Poor's. Upgrades  to   investment  ratings   for  stocks  and  fixed-­‐income  securities  are   issued  by  equity  and  bond  analysts   respectively  at  brokerage  houses.  In  the  context  of  portfolio  management,  the  term  "upgrade"  also  refers  to  a  strategy  whereby  the  risk  profile  and  quality  of  the  portfolio  is  improved  by  including  blue-­‐chips  in  it,  while  eliminating  speculative  stocks. Uptick:  A   transaction  occurring  at  a  price  above  the  previous  transaction.   In  order   for  an  uptick  to  occur,  a   transaction  price  must   be   followed   by   an   increased   transaction   price.   This   term   is   commonly   used   in   reference   to   stocks,   but   it   can   also   be  extended  to  commodities  and  other  securities. VIX:  The  ticker  symbol  for  the  Chicago  Board  Options  Exchange  (CBOE)  Volatility  Index,  which  shows  the  market's  expectation  of  30-­‐day  volatility.   It   is   constructed  using   the   implied  volatilities  of  a  wide   range  of  S&P  500   index  options.  This  volatility   is  meant  to  be  forward  looking  and  is  calculated  from  both  calls  and  puts.   The  VIX  is  a  widely  used  measure  of  market  risk  and  is  often  referred  to  as  the  "investor  fear  gauge".   There  are  three  variations  of  volatility  indexes:  the  VIX  tracks  the  S&P  500,  the  VXN  tracks  the  Nasdaq  100  and  the  VXD  tracks  the  Dow  Jones  Industrial  Average. Volatility:     A   statistical   measure   of   the   dispersion   of   returns   for   a   given   security   or   market   index.   Volatility   can   either   be  measured  by  using  the  standard  deviation  or  variance  between  returns  from  that  same  security  or  market   index.  Commonly,  the  higher  the  volatility,  the  riskier  the  security.  A  variable  in  option  pricing  formulas  showing  the  extent  to  which  the  return  of  the  underlying  asset  will  fluctuate  between  now  and  the  option's  expiration.  Volatility,  as  expressed  as  a  percentage  coefficient  within   option-­‐pricing   formulas,   arises   from   daily   trading   activities.   How   volatility   is   measured   will   affect   the   value   of   the  coefficient  used. Volume:  The  number  of  shares  or  contracts  traded  in  a  security  or  an  entire  market  during  a  given  period  of  time.  It  is  simply  the  amount  of  shares  that  trade  hands  from  sellers  to  buyers  as  a  measure  of  activity.  If  a  buyer  of  a  stock  purchases  100  shares  from  a  seller,  then  the  volume  for  that  period  increases  by  100  shares  based  on  that  transaction.

Watchlist:  A  list  of  securities  being  monitored  closely  by  a  brokerage  or  exchange  in  order  to  spot  irregularities.  Firms  on  the  watch  list  might  be  suspected  of  regulatory  violations,  about  to  issue  new  securities,  attracting  usually  heavy  volume,  etc.  A  list  of   securities  being  monitored   for  potential   trading  or   investing  opportunities.  An   investor  or   trader  may  have  a  watch   list  of  several,  dozens  or  even  hundreds  of  trading  instruments.  The  investor  waits  for  certain  criteria  to  be  met-­‐-­‐such  as  trading  over  a  certain  volume,  breaking  out  of  a  52-­‐week  range  or  moving  above  its  200-­‐day  moving  average-­‐-­‐before  placing  trade  orders. Yield  Curve:  A  line  that  plots  the  interest  rates,  at  a  set  point  in  time,  of  bonds  having  equal  credit  quality,  but  differing  maturity  dates.  The  most  frequently  reported  yield  curve  compares  the  three-­‐month,  two-­‐year,  five-­‐year  and  30-­‐year  U.S.  Treasury  debt.  This  yield  curve  is  used  as  a  benchmark  for  other  debt  in  the  market,  such  as  mortgage  rates  or  bank  lending  rates.  The  curve  is  also  used  to  predict  changes  in  economic  output  and  growth.   4.5. Aspectos de comunicación no verbal según el contexto cultural del interlocutor. Hay  varias  formas  de  comunicación  no  verbal.  Las  siguientes  señales  no  verbales  pueden  ser  de  utilidad  a  la  hora  de  comunicar  nuestro  interes  por  los  demás. Facial  expressions  /  expresiones  facials:  The  human  face  is  extremely  expressive,  able  to  express  countless  emotions  without  saying  a  word.  And  unlike  some  forms  of  nonverbal  communication,  facial  expressions  are  universal.  The  facial  expressions  for  happiness,  sadness,  anger,  surprise,  fear,  and  disgust  are  the  same  across  cultures. Body  movements  and  posture  /  movimiento  corporal  y  postural:  Consider  how  your  perceptions  of  people  are  affected  by  the  way  they  sit,  walk,  stand  up,  or  hold  their  head.  The  way  you  move  and  carry  yourself  communicates  a  wealth  of  information  to  the  world.  This  type  of  nonverbal  communication  includes  your  posture,  bearing,  stance,  and  subtle  movements. Gestures  /  gestos:  Gestures  are  woven  into  the  fabric  of  our  daily  lives.  We  wave,  point,  beckon,  and  use  our  hands  when  we’re  arguing  or  speaking  animatedly—expressing  ourselves  with  gestures  often  without  thinking.  However,  the  meaning  of  gestures  can  be  very  different  across  cultures  and  regions,  so  it’s  important  to  be  careful  to  avoid  misinterpretation. Eye  contact  /  contacto  visual:  Since  the  visual  sense  is  dominant  for  most  people,  eye  contact  is  an  especially  important  type  of  nonverbal  communication.  The  way  you  look  at  someone  can  communicate  many  things,  including  interest,  affection,  hostility,  or  attraction.  Eye  contact  is  also  important  in  maintaining  the  flow  of  conversation  and  for  gauging  the  other  person’s  response. Touch  /  contacto:  We  communicate  a  great  deal  through  touch.  Think  about  the  messages  given  by  the  following:  a  firm  handshake,  a  timid  tap  on  the  shoulder,  a  warm  bear  hug,  a  reassuring  pat  on  the  back,  a  patronizing  pat  on  the  head,  or  a  controlling  grip  on  your  arm. Space  /  espacio:  Have  you  ever  felt  uncomfortable  during  a  conversation  because  the  other  person  was  standing  too  close  and  invading  your  space?  We  all  have  a  need  for  physical  space,  although  that  need  differs  depending  on  the  culture,  the  situation,  and  the  closeness  of  the  relationship.  You  can  use  physical  space  to  communicate  many  different  nonverbal  messages,  including  signals  of  intimacy,  aggression,  dominance,  or  affection. Voice  /  la  voz:  It’s  not  just  what  you  say,  it’s  how  you  say  it.  When  we  speak,  other  people  “read”  our  voices  in  addition  to  listening  to  our  words.  Things  they  pay  attention  to  include  your  timing  and  pace,  how  loud  you  speak,  your  tone  and  inflection,  and  sounds  that  convey  understanding,  such  as  “ahh”  and  “uh-­‐huh.”  Think  about  how  tone  of  voice,  for  example,  can  indicate  sarcasm,  anger,  affection,  or  confidence.Proximidad  física  y  esfera  personal RECUERDA La comunicación telefónica es una parte esencial en las relaciones comerciales con clientes. En la atención al cliente es esencial el manejo de forma efectiva de las estructuras de preguntarespuesta, de forma que podamos obtener información de nuestro cliente y a su vez poder responder a las cuestiones que nos puedan plantear. Algunos de los documentos aduaneros para el comercio internacional son: Shipper’s Export Declaration, Certificates of origin, Free trade agreements, Customs Invoices, Certificates of destruction or export y Export declaratation. El uso de adjetivos comparativos y superlativos es muy común en inglés, tanto en lenguaje oral como escrito, para describir productos, lugares, situaciones, etc...

En inglés, la forma de dar instrucciones se hace mediante el tiempo imperativo. Para hablar de dinero se usan los números cardinales. Las condiciones de pago son las premisas por las que un vendedor completa su venta. Los incoterms son términos de tres letras cada uno que reflejan las normas, de aceptación voluntaria por las dos partes —compradora y vendedora—, acerca de las condiciones de entrega de las mercancías. Una presentación es una charla formal a una o más personas en la que se "presentan" las ideas y la información de una manera clara y estructurada. Además de manejar el lenguaje y las estructuras más habituales en inglés es imprescindible tener unas actitudes básicas cuando tratemos con clientes. La negociación es muy importante en una actividad comercial Se debe tener la habilidad de persuadir, de conceder peticiones, de denegar peticiones y de mostrar acuerdos y desacuerdos. El contexto sociocultural de una actividad comercial internacional es muy importante, clave para el exito en los procesos de importacion.