Hi Resurgance, I subscribe to everything Bandersnatch said--which was basically the perfect concise complete answer. I even hesitated to post because it would cover up post #2. So everybody please go back and read post #2!
But I wanted to say hello and glad you are wondering about cosmic rest frame, one of the nicest things in cosmology,maybe even in all of science. The ancient light (the "cmb") is approximately uniform, the same temperature in all directions. As it should be because at one time space was filled more or less evenly with a cloud of hot gas which then cooled just enough to become transparent. So the ancient hot gas and the ancient light that remains from it DEFINES what it means to be not moving. Not moving with respect to the ancient light.
If we were at rest then the ancient light would be EXACTLY the same average temperature in all directions. But it was around 1977 using a U-2 Spy Plane with a little microwave temperature receiver in a blister on top of it, that they discovered a WARM SPOT in the microwave sky. A warm spot in the ancient light, that was around the constellation of LEO (which you can see overhead in the Springtime of the year). A patch of the microwave sky that was just about 1/8 of one percent warmer!
That meant that the solar system was moving at about 1/8 of one percent of the speed of light, in the direction marked in the sky by the constellation Leo, and that it was a DOPPLER effect of our moving through the approximately uniform soup of ancient light. And it meant there should be a doppler COLD spot in the opposite direction in the sky from Leo, 180 degrees reversed. (around the constellation Aquarius.) Where the temperature was 1/8 of one percent cooler because of our moving away from the light coming from that direction. Here are some pictures.
http://aether.lbl.gov/www/projects/u2/
1/8 percent of 300,000 km per second is about 380 km per second, that is about what speed the solar system is going, relative to CMB-rest.
So we can correct our redshift observations for that motion and record the data AS IF the galaxies were observed from a reference frame at rest relative to the ancient light (or one could say at rest with respect to the hot gas cloud of ancient matter (before it began to fall together and coagulate into wisps and clumps all over the place and the chunks acquired their separate motions, that is to say) back when it was more more even and stationary.
380/300,000 the ratio of speeds (same as the doppler shift in temperature)
about 1/8 of a percent.