Longer prison sentences for market abuse and direct regulation of the spot FX market are among the cornerstone reforms urged by the Bank of England after a year-long review of the scandal-tainted fixed income sector.

The BoE's Fair and Effective Markets Review, which was launched a year ago by Chancellor of the Exchequer George Osborne and Bank of England Governor Mark Carney in the wake of misconduct in the fixed income, currencies and commodities sector, was published Wednesday, following a market consultation that ran from October to January.