JP Morgan was fined a total of more than €72 million by European Union regulators Tuesday for rigging a benchmark interest rate and operating a separate cartel for Swiss franc derivatives, marking the latest phase in an EU crackdown on alleged market abuse by financial institutions.

The European Commission, the bloc's central antitrust regulator, said JP Morgan and Royal Bank of Scotland had colluded between March 2008 and July 2009 in an attempt to rig the Swiss Franc London interbank offered rate, a benchmark interest rate.

JP Morgan fined $92 million by EU over cartels

RBS avoided fines of around $146 million because it revealed the existence of the cartels

Tom Fairless, The Wall Street Journal

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