BRUSSELS-- J.P. Morgan was fined more than EUR72 million by
European Union regulators Tuesday for rigging a benchmark interest
rate and operating a separate cartel in derivatives linked to the
Swiss franc.
Two other banks, Credit Suisse Group AG and UBS AG, were also
fined by the EU for operating a cartel for Swiss franc
derivatives.
Royal Bank of Scotland Group was involved in both cartels but
escaped fines because it revealed their existence to the European
Commission, the EU's central antitrust regulator, the Commission
said.
The fines represent the latest stage of a series of probes by
the EU into alleged market abuse by financial institutions.
"We have imposed total fines of about EUR94 million on four
major international banks who violated EU antitrust rules," EU
antitrust chief Joaquín Almunia said in a statement.
The fines are small in comparison with the record EUR1.71
billion fine against six financial companies handed down in
December by the EU, which accused them of operating cartels to rig
the yen London interbank offered rate and the euro interbank
offered rate, or Euribor.
Write to Tom Fairless at tom.fairless@wsj.com
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