J.P. Morgan will continue to deliver direct custody and clearing functions to SIX Securities Services in Australia and New Zealand after winning a tender process. 

The renewed agreement means the investment bank will carry on providing SIX with access to local market infrastructures, including exchanges, clearing houses and depositories in both countries. 

Clearing, settlement, custody and asset servicing are all part of the mandate. Nadia Schiavon, JP Morgan's head of custody and fund services in Australia and New Zealand, said the firm is pleased to continue the partnership.

"J.P. Morgan's direct custody and clearing business is an important and growing offering for the firm and long term partnerships with clients such as SIX SIS form the bedrock of our business," she said.

SIX added said that J.P. Morgan's "end-to-end processing capability spanning the clearing, settlement, custody and asset servicing value chain, combined with the firm's emphasis on driving efficiencies and high quality servicing", were key to the firm retaining the contract.

"Partnering with an organisation that places the same focus and value on operational integrity and efficiency as SIX was a critical requirement for us when conducting a review of our direct custody and clearing provider in Australia and New Zealand,” said Valerio Roncone, SIX Securities Services, head of markets and clients.