A very clear and concise write-up of the new “Big Bang” regulation of CDS from RISK Magazine:

From tomorrow, the auction settlement process for CDSs worldwide will be hardwired into the contract; the determinations committees set up by the International Swaps and Derivatives Association (Isda) will have the final say on whether or not a credit event has occurred; and the protection granted by a CDS will start 60 days before the current day for a credit event, and 90 days before a succession event, rather than starting the day after the CDS trade is completed.

As well as analysis from Kevin McPartland of Tabb Group on CNBC: