The Clearing House Association filed an amicus brief with the U.S. Court of Appeals for the Second Circuit in NML Capital v. Republic of Argentina. The brief argues that the trial court’s order to prohibit any payments on restructured debt unless ratable payments are also made on outstanding prior debt obligations is contrary to the expectations of the market, would make sovereign debt restructurings extremely difficult if not impossible, and would impermissibly burden the payments system by potentially requiring intermediary banks to screen for payments that violated the court’s order.