JPMorgan Australia chairman Robert Priestley has quit the ASX and Future Fund boards as a criminal case progresses against ANZ bank over a capital raising underwritten by the investment bank.
Mr Priestley was chief executive of JPMorgan's local division when, in 2015, it was one of three underwriters for the $2.5 billion ANZ share placement.
Following an ACCC investigation, criminal cartel charges were brought against ANZ, Citigroup Global Markets Australia and Deutsche Bank earlier in June.
JP Morgan has not been accused of wrongdoing - prompting reports it has been granted immunity in exchange for evidence - but Mr Priestley said in a statement on Tuesday it was the "right course of action" to step aside from the ASX.
"There has been considerable interest in the ACCC banking matter, which may become a potential distraction for the ASX and my board colleagues," Mr Priestley said in a statement on Tuesday.
"I look forward to the time when all of the facts and circumstances relevant to this matter are clarified."
Mr Priestley has been on the ASX board for 13 months.
Mr Priestley also announced he was leaving the board of Australia's sovereign wealth fund, the Future Fund, which he joined in November 2017 for a five-year term.
He will continue as chairman of JPMorgan in Australia and New Zealand.
ACCC chairman Rod Sims recently said the cartel conduct charges relate to trading in ANZ shares by Deutsche Bank and Citigroup.
ANZ and several executives of the three banks also facing charges are alleged to have been knowingly concerned in some or all of the alleged conduct.
ANZ group treasurer Rick Moscati, former Citigroup Australia head Stephen Roberts and Citigroup's John McLean and Itay Tuchman, as well as former Deutsche Bank executives Michael Ormaechea and Michael Richardson have been charged in the matter.
ANZ undertook the capital raising to increase the amount of money it holds in reserve to cover loan exposures, in line with new regulatory requirements.
The underwriters ended up with 25.5 million shares after a shortfall in the placement of almost 81 million shares and regulators are examining whether the market should have been informed about how the shortfall was to be handled.
The matter is listed for hearing in Sydney on July 3.
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