A very specific form of brokerage in the Santos Square was the fixed term coffee contracts in the official Santos Coffee Exchange. With this type of brokerage the coffees sold on the trading floor were given a predetermined delivery date in the future.

When the trading session was finished, the values of the coffee were fixed and written on the blackboard. The negotiation was then formalized through a Cash Settlement. The buyer made a payment based on the price decided on at that moment. However, if the market fluctuated before the time of delivery, the value would be updated, resulting in a deposit, or subtracting the difference for the buyer.

The Official Brokers of the Exchange could not be a proxy of any specific firm. So, many offices had their "Exchange Broker."

The Cash Settlement of the Exchange enabled another mode of trading, Direct Delivery, which was also a futures market, like the Exchange. The difference was the trust in the dealer’s word: without a body overseeing the market fluctuations. The coffee value would then be given only on the date of delivery with its current value. Some brokers attribute this mode of trading as one of the reasons for the declining interest in the trading sessions of the Exchange.

Direct delivery was a direct relationship between the two parties through a broker. There was no written contract, it was more verbal. Yes, there was an exchange of forms, in which a person signed or did not sign, it did not matter, the person’s word was taken more seriously than what was written ... so nobody ... For a long time this worked very well but afterwards it began to deteriorate. There were some problems at the end of Direct Delivery, it has evolved a lot because it didn’t need a collateral deposit as was needed in the Exchange at that time. It had no cash settlement and with the savings you made, because there was no cash settlement and margin deposit, there were a few years with a great deal of volume, and a lot of business was done in the Santos market. When it arrived at its peak it began to have some problems, actually. Then slowly it began to disappear like the disappearance of the Exchange(Fernando Feliciano Suplicy).