Evercore Pan-Asset’s decision to stop using swap-based exchange-traded funds, reported here yesterday, does not, at first glance, amount to a big deal, given the company only manages $500m. But it is the shape of things to come.

In particular, it is likely to be a step on the road towards far greater disclosure or -- just possibly -- the exclusion of synthetic products from the European Union's investment passport, known as Undertakings for Collective Investment in Transferable Securities. or Ucits.