How can we be certain that the discipline of strategic cash reserves inherently opposes constraints of large-scale capital deployment? I estimate the probability that this opposition is fundamental at only 30%, as it heavily depends on the regulatory context and investment strategy. For example, in Hong Kong, brokers are required by the SFC to maintain significant liquidity reserves; these reserves, although substantial, are a compliance imperative with a 95% probability of being used for operational needs or unexpected margin calls. The problem is often not the reserve itself, but the lack of investment opportunities compliant with mandates and regulatory frameworks, which is a separate probability.