LOGIC:The theoretical 8% transaction margin is irrelevant in a 'zero trading volume' environment. Key revenue (transaction fees, 0.5-1% AUM fees) evaporates, while London's operational costs remain punitive. Rent for even a small 750 sq ft office in a discreet but reputable area (e.g., St. James's) can run £70,000-£120,000 annually, plus an additional 40-50% in business rates and service charges, representing a fixed cash drain. Labor costs for a minimal team (e.g., 3-5 roles covering compliance, asset management, customer service) in London average £60,000-£100,000 per person, totaling £180,000-£500,000 annually including benefits. The FCA's 20% liquidity mandate means substantial capital (e.g., £2 million on £10 million AUM) is tied up unproductively, further eroding potential returns and preventing its deployment for operational coverage. These combined factors lead to a rapid negative burn rate that cannot be sustained through a multi-year market downturn.