What is the white substance that is on the legs of horses in eventing?

I have often wondered what is painted on horses legs at event riding and what is its purpose.

Answers:
it is event leg grease, i get mine from Hydrophane and it helps the horses legs to slide if they hit the fences (cross country jumps are solid and immobile unlike show jumps). cross country is a time trial and points are deducted for refusal, not generally if a horse knocks a fence.
it is to allow the judges to see if they are hitting the fences so as they can score accordingly
it can be one of two things,

grease applied so if the horse hits a fence, it slides over without hurting itself

or

sweat, as this goes really frothy when they are hot!
It is Cocaine...fell out its nose during a jump.

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