UD10

Contexto
socioprofesional
de las
operaciones
comercio
internacional

Curso de Ingls
Avanzado

INTRODUCCIN
Desde un punto de vista tcnico se entiende por comunicacin el hecho de
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.
En otras palabras, la comunicacin es el proceso mediante el cual se puede
transmitir informacin de una entidad a otra. Tradicionalmente, la comunicacin se
ha definido como "el intercambio de sentimientos, opiniones, o cualquier otro tipo
de informacin mediante habla, escritura u otro tipo de seales".
En las operaciones de comercio internacional se hace de vital importancia
conocer los buenos usos de la comunicacin y ms an de la comunicacin en
ingls, por tanto, es imprescindible tener conciencia de los diferentes usos, pautas
y comportamientos de los interlocutores, en funcin de sus aspectos socioculturales
y sociolingsticos.
A lo largo de esta Unidad Didctica conoceremos los diferentes contenidos
socioculturales y sociolingsticos de los entornos profesionales, as como los
elementos ms significativos de las relaciones comerciales y profesionales. Tambin
haremos alusin a aquellos aspectos de la comunicacin no verbal que se debemos
tener en cuenta para la buena comunicacin en las operaciones de comercio
internacional.

OBJETIVOS

Identificar las estructuras, frmulas y pautas establecidas de cortesa

y protocolo en saludos, presentaciones, despedidas y costumbres
socioprofesionales

de

jerarqua

adecuadas

la

cultura

del

interlocutor.

Conocer los contenidos socioculturales y sociolingsticos en los

entornos profesionales internacionales.

Indagar acerca de aquellos aspectos importantes relacionados con los

giros, modismos y comunicacin no verbal en el contexto del
comercio internacional.

MAPA CONCEPTUAL

1.

Contenidos

sociolingsticos

en

socioculturales
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 xito de
nuestro negocio. Cualquiera que sea el sector en que se este operando, financiero,
tecnolgico o electrnico, 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 interactan, se desarrollan unas
situaciones y escenarios de actuacin muy interesantes y complicados. La
globalizacin obliga cada vez 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 aspectos 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 / comunicacin
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.

2. Elementos significativos en las relaciones

comerciales y profesionales

Comunicacin: es el proceso mediante el cual se puede transmitir

informacin de una entidad a otra. Los procesos de comunicacin son interacciones
mediadas por signos entre al menos dos agentes que comparten un mismo
repertorio de signos y tienen unas reglas semiticas comunes.

Tradicionalmente, la comunicacin se ha definido como "el intercambio de

sentimientos, opiniones, o cualquier otro tipo de informacin mediante habla,
escritura u otro tipo de seales". Todas las formas de comunicacin 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 comunicacin se realice. En el proceso comunicativo, la informacin es
incluida por el emisor en un paquete y canalizada hacia el receptor a travs 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
comunicacin. Esta consiste en el intercambio de mensajes entre los individuos.
Desde un punto de vista tcnico se entiende por comunicacin 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 comunicacin implica la
transmisin de una determinada informacin.

La informacin como la comunicacin supone un proceso; los elementos que

aparecen en el mismo son:

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 (codificacin): is the formulation of messages in the communicators
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 (decodificacin): 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 (retroalimentacin): is the response or acknowledgement of receiver
to the communicators 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 faceto-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.

Frmulas de cortesa y tratamiento de uso frecuente

Telephone / al telfono
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-toface. 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.

2.1. Registro formal, neutral e informal

Nos adaptaremos al interlocutor en funcin del nivel de formalidad que
tenga la relacin, pueden ser clientes poco conocidos, compaeros, superiores o
empleados de nuestro departamento. El nivel de formalidad tambin depende del
motivo de la comunicacin, no es lo mismo comunicar un impago que hacer una
circular sobre la cena de Navidad de la empresa.
Lenguaje Formal
Se usa tpicamente en contextos administrativos, legales, acadmicos y
profesionales (donde adems abundan los tecnicismos propios de cada campo).
Tambin hay personas que para dirigirse a otras personas que no conocen, o
hacia las que quieren mostrar respeto o especial cortesa, utilizan un tono ms bien
formal.
Los principales tratamientos de formalidad en ingls son Sir (para hombres),
Madam (para mujeres) y Miss (para mujeres jvenes). Si conoces el nombre de la

persona puedes anteponer al apellido los tratamientos Mr., Mrs. (para mujeres
casadas) y Miss, respectivamente.
Lenguaje informal
Es el que se usa principalmente en la comunicacin familiar o entre amigos o
compaeros. El registro coloquial o familiar se caracteriza por la improvisacin, las
estructuras simples y la expresividad del hablante. Es el tipo de ingls que se
podra or en un pub o ver en una sala de chat, por poner solo dos ejemplos.
El peligro est en no saber distinguir el lenguaje familiar o coloquial del
argot o jerga (denominado en ingls "slang") y sobre todo del lenguaje vulgar
(muchas veces malsonante y ofensivo).
En las series de televisin se puede observar cmo vara el uso del ingls
formal o informal segn quin hable y en qu contexto se encuentre.

2.2. Relaciones profesionales en distinto grado de

formalidad
Los estilos en la redaccin de los textos dependen del destino del documento
que estemos preparando. Para empezar podemos distinguir entre textos o
documentos con destino externo o interno a la empresa. El estilo ser mucho ms
formal en el primer caso y algo ms informal en el segundo.
Otro estilo diferente ser necesario en el caso de escritos destinado a las
autoridades, en los que habr que utilizar frmulas ms cuidadas, normalmente
parafraseando las utilizadas por la propia administracin.
Otros estilos de texto son:

Publicitario: estn destinados a motivar a los clientes a la compra o uso de

nuestros productos. Por ello deben contener palabras sugerentes y que llamen a la
accin, que minimicen o anulen las desventajas de nuestro producto, aumentando
las ventajas, aprovechando la motivacin que ya pueda existir en el cliente. Por
ejemplo, para un operador de viajes, no mencionar el precio, pero s mencionar el
cansancio del cliente, insistir en que se merece un premio a su trabajo diario, etc...
SUELE SER INFORMAL

Correspondencia: estos textos observan una serie de formalidades y

expresiones hechas, como se ve en el otro apartado del curso. SUELE SER FORMAL
O INFORMAL, DEPENDIENDO DEL GRADO DE RELACIN
Memorias e informes: son los textos que permiten ms creatividad, y en
los que podemos encontrar menos modelos. Lo mas importante en ellos es elaborar
un guin y seguirlo fielmente. SUELE SER MUY FORMAL Y ESTRUCTURADO
Legal o contractual: el lenguaje debe ser muy concreto, muy ceido a lo
pactado, y da poco lugar a la improvisacin. Se deben conocer las frmulas
habituales, leyendo y consultando varios modelos y ejemplos de documentos de
otras empresas. SUELE SER MUY FORMAL.

2.3. Relaciones con la autoridad y la administracin

Las relaciones con la autoridad deben ser fluidas y ajustadas a la legislacin
de cada pas. Para ello es fundamental o bien estudiar a fondo la normativa del pas
de nuestros clientes o bien contar con un asesor o colaborador local.
Esta ltima opcin puede ser la ms indicada, ya que no slo es la
informacin literal que se puede obtener, sino el conocimiento socio cultural de
cada administracin, que es ms difcil de adquirir.
Un colaborador local tiene ms experiencia a la hora de gestionar
eficazmente los trmites necesarios, imprimiendo el ritmo o la calidad adecuados a
las gestiones que pretendamos realizar.

3. Diferenciacin de usos, convenciones y

pautas de comportamiento segn aspectos
culturales de los interlocutores
Formas africanas de negociacin
Muchos pases africanos tienen sistemas indgenas de resolucin de
conflictos que han perdurado hasta el presente, a veces absolutamente intactos y,
a veces fragmentados por el cambio social rpido. Estos sistemas se basan en

enfoques particulares de negociacin 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 mnimos. La negociacin
ocurre dentro de las redes sociales, a raz 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 restauracin de la armona.
En el contexto nigeriano Ibibio, el objetivo de restablecer las redes sociales
es primordial, y las diferencias individuales se espera que se descarten en inters
del grupo. Para garantizar que el progreso o un acuerdo en una negociacin 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 negociacin, 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 proteccin de los dems y causar desastres
personales.
En otros contextos africanos, estas mismas relaciones y jerarquas tienen
una gran importancia a la hora de solucionar conflictos.
Estilo japons de negociacin
Hay una gran cantidad de material escrito sobre los enfoques de Japn hacia
la negociacin, y las diferencias entre extranjeros y japoneses. Hay algunos valores
que tienden a influir en la comunicacin japonesa: centrarse en los objetivos del
grupo, la interdependencia y una orientacin jerrquica.
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 cortesa, su nfasis 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

cortesa es tan importante y se evita la confrontacin. Ellos tienden a utilizar el

poder de manera sutil e indirecta, dada tu su preferencia por la armona y la calma.
En estudios comparativos, los negociadores japoneses se mostraban ms
reacios a revelar informacin acerca de ellos mismos y de sus objetivos que sus
colegas franceses o americanos.
Los negociadores japoneses tienden a poner menos nfasis en el significado
literal de las palabras utilizadas en la negociacin y un mayor nfasis en las
relaciones que se establecen antes del inicio de la negociacin. Tambin son menos
propensos

que

sus

contrapartes

extranjeras

ser

directivos

respecto

al

procedimiento.
Estilos Europeos de Negociacin
Los estilos europeos de negociacin varan segn la regin, la nacionalidad,
el idioma, y muchos otros factores contextuales. Un estudio encontr que los
franceses son negociadores muy agresivos, utilizan amenazas, advertencias e
interrupciones para lograr sus objetivos. Negociadores alemanes y britnicos fueron
calificados como moderadamente agresivos en el mismo estudio.
Estilos latinoamericanos de Negociacin.
Las expectativas de rol en la

negociacin influye mucho en los contextos

latinoamericanos. La responsabilidad por los dems generalmente se considera ms

importante que los horarios y la realizacin de tareas. Su enfoque de negociacin
se refiere a una orientacin policrnica del tiempo y los patrones de comunicacin
mas comunitarios. Lederach informa que un trmino comn para el conflicto en
Centroamrica es enredo, que significa "enredados" o "atrapado en una red."
Explica que en este sentido, enredo significa que el conflicto est incluido en
una red ntima de las relaciones en Guatemala y otros pases de Amrica Central.
Por lo tanto, la negociacin se lleva a cabo dentro de las redes, las relaciones se
acentan y se evitan las rupturas abiertas.
En Amrica Central, la gente piensa y responde a los conflictos de manera
integral. Ellos preferan un enfoque integral del conflicto y la negociacin, en lugar
de uno lineal y analtico. Cuando los centroamericanos necesitaban ayuda con las
negociaciones, tendan 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".

3.1. Convenciones sociales: tabes relativos al

comportamiento
Antes

de

establecer

negociaciones

comerciales

es

necesario

recabar

informacin sobre la cultura de nuestros colaboradores. No pretendemos elaborar

aqu un listado exhaustivo de los tabes culturales, pero algunos ejemplos son:

En los pases occidentales se chocan las manos o se besan en las

mejillas personas incluso desconocidas. En Asia y Africa, no se suele
hacer as, se usa ms la reverencia.

En algunas culturas la mano izquierda simboliza impureza, es mejor

no usarla ante la duda.

En las culturas asiticas no se suelen hacer muestras de afecto en

pblico, no se suele comer chicle, y no se suele dejar comida en el
plato para no ofender al anfitrin

Otra conducta que puede ofender a un cliente en la mesa es echar sal

a la comida o dejar los cubiertos o palillos pinchados en ella.

En algunas culturas asiticas no se pueden mostrar los pies

descalzos.

3.2. Frmulas de cortesa y tratamiento de uso

frecuente
Come out to reception to meet someone

Sorry to keep you waiting.

Welcome to

Thanks for coming here/ all this way.

Did you have any trouble finding us?/ Was the map okay?

This way, please.

Thanks for inviting me.

This is a nice office/ building/ area. (How long have you been here?).

Meet someone youve had previous contact with but never met

Weve emailed a few times, but... / Its so nice to finally meet face to
face.

Meet someone from an organisation you know but havent dealt with
before

Your companys (really/ quite) famous.

Meet someone from an organisation that youve never heard of

I might have heard the name, but

Im afraid I dont know much about your/ that industry.

Im not sure Ive heard of it. How do you spell it?/ Does it do much
business in?

Meet a person you dont know from an organisation that youve dealt
with before

Ive met your colleague Walter Mitty a few times.

Weve been doing business with you for a few years.

En relacin con la forma correcta de dirigirse a una persona por primera vez,
cabe destacar los siguientes tratamientos:

Mr: seor, tanto soltero como casado.

Mrs: seora casada que ha cogido el apellido de su marido.

Miss: seorita soltera.

Ms: seorita si no se sabe su estado civil.

3.3. Convenciones en la conversacin y visitas

comerciales: puntualidad, ofrecimientos de comida,
tiempo de estancia, expresin de expectativas como
anfitrin
La puntualidad es una muestra de educacin y respeto por nuestro
interlocutor. Adems, a los directivos no les gusta que las visitas lleguen tarde:
normalmente poseen una agenda bastante apretada y nuestra demora supondra
un retraso en todo su trabajo.
Pero tampoco lleguen antes de la hora prevista. En general, a las empresas
no les gusta mostrar sus recepciones como si fueran la antesala de una consulta
mdica.
Es igualmente importante tener en cuenta otros aspectos de la hospitalidad:
ofrecimientos de comida, tiempo de estancia, expresin de expectativas como
anfitrin y otros.

3.4. Comportamiento ritual: celebraciones y actos

conmemorativos
El protocolo en la empresa tiene la misma base y los mismos objetivos que
en la vida oficial o institucional, aunque se diferencian fundamentalmente en la
gestin, puesto que en la empresa es distinta, y a veces mucho ms complicado
que en la Administracin o en las instituciones. Esto, se sustenta con las siguientes
razones:

En la empresa, salvo en las grandes corporaciones, el protocolo no

tiene una base normativa.

Tambin carece de autoridad de referencia, pues no existe nadie que

pueda imponer un criterio o resuelva los conflictos que surjan.

En la empresa, no hay referencias sobre lo correcto o incorrecto en

relacin a los actos, ceremonias o escenarios.

Por esto, es necesario que se tengan en cuenta ciertas recomendaciones:

Es necesario que la empresa aprecie el protocolo, y que sea

consciente del protocolo oficial es una referencia til y aplicable.

Es importante que las personas formadas en el protocolo, hagan

prcticas tambin en empresas.

El mundo del protocolo debe abrirse a los profesionales y a las

empresas.

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

particularly

new

financial

products

with

and

technological

innovation,

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
A 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 exdividend.
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:

Rises to a peak and subsequently declines.

Then, the price rises above the former peak and again declines.

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

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:

The price falls to a trough and then rises.

The price falls below the former trough and then rises again.

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 pershare 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 premarket 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 presplit 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.

5. Aspectos de comunicacin no verbal segn

el contexto cultural del interlocutor
Hay varias formas de comunicacin no verbal. Las siguientes seales no
verbales pueden ser de utilidad a la hora de comunicar nuestro inters por los
dems.

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.
Gestures / gestos: Gestures are woven into the fabric of our daily lives.
We wave, point, beckon, and use our hands when were arguing or speaking
animatedlyexpressing ourselves with gestures often without thinking. However,
the meaning of gestures can be very different across cultures and regions, so its
important to be careful to avoid misinterpretation.
Voice / la voz: Its not just what you say, its 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 fsica y esfera personal.

5.1. El saludo
Los saludos ms habituales son:

Hello / Hola

Good morning / Buenos das

Good afternoon / Buenas tardes

Good evening / Buenas noches

Good night / Buenas noches (al irse a dormir)

Have a good day!, hope you have a good day! / Que tenga un buen
da!

Good-bye / Adis.

5.2. La posicin del cuerpo y las extremidades

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.

5.3. La mirada
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 persons response.

5.4. Las diferencias de gnero

Male and female style / estilos femenino y masculino
Women and men show some important differences in their negotiation
styles. Women tend to be more caring and emotional and dont usually feel
uncomfortable to be physically in touch or very close. They tend to smile a lot and
pay more attention to the others undercover necessities.
Man, on the other hand tend to be more practical and are more headed to
objectives. They easily find common points with the customer, and use them to
build relationship with them.

5.5. Proximidad fsica y esfera personal

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.
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.

RECUERDA

La globalizacin obliga cada vez 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
aspectos importantes son: lenguaje corporal, comunicacin y concepto
temporal.

La comunicacin es el proceso mediante el cual se puede transmitir

informacin de una entidad a otra. Los procesos de comunicacin son
interacciones mediadas por signos entre al menos dos agentes que
comparten un mismo repertorio de signos y tienen unas reglas
semiticas comunes.

El lenguaje formal se usa tpicamente en contextos administrativos,

legales, acadmicos y profesionales (donde adems abundan los
tecnicismos propios de cada campo).

El lenguaje informal es aquel que se utiliza con carcter coloquial. El

peligro est en no saber distinguir el lenguaje familiar o coloquial del
argot o jerga (denominado en ingls "slang") y sobre todo del lenguaje
vulgar (muchas veces malsonante y ofensivo).

Las relaciones con la autoridad deben ser fluidas y ajustadas a

la legislacin de cada pas. Para ello es fundamental o bien estudiar a
fondo la normativa del pas de nuestros clientes o bien contar con un
asesor o colaborador local.

Antes de establecer negociaciones comerciales es necesario recabar

informacin sobre la cultura de nuestros colaboradores.

La puntualidad es una muestra de educacin y respeto por nuestro

interlocutor. Adems, a los directivos no les gusta que las visitas
lleguen tarde: normalmente poseen una agenda bastante apretada y
nuestra demora supondra un retraso en todo su trabajo.

El protocolo en la empresa tiene la misma base y los mismos

objetivos que en la vida oficial o institucional, aunque se diferencian
fundamentalmente en la gestin, puesto que en la empresa es distinta,
y a veces mucho ms complicado que en la Administracin o en las
instituciones.