It's too simple, writes hacker Robert Hansen, also known as rSnake, to find the source of the images, index them with the same tools the CAPTCHA-builders used and exploit that index to break the puzzle.

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BlackRock had previously announced that it was looking to self-index some of its funds, a source of worry to MSCI.

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Risk awareness relative to the reference index has become paramount among fixed income players and arguably a source of alpha in and of itself.

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