The following articles describe the announcement made by ISDA and SIFMA jointly at the Singapore ISDA meeting today: Risk.net article (subs), Bloomberg article, SIFMA piece. The fixed rates are in increments of 0.25% rather than being set at par coupon and the start dates are forward IMM dates and periods are the more liquid numbers of years. The ISDA term sheet template is worth looking through. This is big as it represents the major market players agreeing to standardize swaps for the first time where before this was seen as a buy-side convenience but traded offmarket and less liquid than the spot starting swap for the same numbers of year on a given day.