1. JP Morgan fined €72m for cartels

  • The European Commission has fined investment bank JP Morgan for rigging interest rates.
  • JP Morgan fined €62m for colluding with RBS to fix the Swiss Franc Libor rate and €10.5m for derivates cartel; fines reduced as the firm co-operated with the investigation.  
  • RBS not fined as it tipped of the EC to the two cartels; avoided potential charge of €110m (Reuters).
  • UBS (€12.7m) and Credit Suisse (€9.2m) also fined for participating in the derivatives cartel with JP Morgan.