6 Key Changes in CDS Big Bang

Key changes:
1) Restructuring credit event: out
2) Standardized fixed coupons 100/500
3) Standard coupon dates
4) Effective dates: t minus 60 for credit events or t minus 90 for succession events
5) Accrual dates, trade with full coupon, protection seller will pay accrued from previous coupon date
6) Hardwired auction settlement

Markit has the best explainer so far:
The CDS Big Bang: Understanding the Changes to the Global CDS Contract and North American Conventions