The study looked at how new rules for clearing and margin in the financial market affect the demand for collateral. By analyzing data on credit default swaps, the researchers found that requiring initial margin from dealers can increase the need for collateral. However, if these swaps are cleared through central parties, overall collateral demand may actually decrease. The number of clearing parties and the type of central clearing can also impact collateral requirements. In summary, central clearing can change how collateral is distributed among market participants.