WCF Max Instances seems to be limited to 10

I have a simple WCF service hosted in IIS7.5 exposed over a wsHttp binding using message security and InstanceContextMode.PerCall

I have a simple UI that spins up a configurable number of threads, each calling the service.

I have added the perfmon counter ServiceModel4.Instances. Regardless of the number of threads created and calling the service, perfmon shows that the service creates a maximum of 10 Instances.

My client config is as follows:

<?xml version="1.0" encoding="utf-8" ?>
<configuration>

  <bindings>
    <wsHttpBinding>

      <binding name="WSHttpBinding_IService3">
        <security mode="Message">
          <transport clientCredentialType="Windows" proxyCredentialType="None"
            realm="" />
          <message clientCredentialType="Windows" negotiateServiceCredential="true"
            algorithmSuite="Default" establishSecurityContext="false" />
        </security>
      </binding>

    </wsHttpBinding>
  </bindings>
  <client>

    <endpoint address="http://localhost/NGCInstancing/Service3.svc/~/Service3.svc"
      binding="wsHttpBinding" bindingConfiguration="WSHttpBinding_IService3"
      contract="NGCSecPerCall.IService3" name="WSHttpBinding_IService3">
      <identity>
        <servicePrincipalName value="host/RB-T510" />
      </identity>
    </endpoint>

  </client>
</system.serviceModel>
</configuration>

My service config is as follows:

<?xml version="1.0"?>
<system.serviceModel>
    <configuration>
        <behaviors>
            <serviceBehaviors>
                <behavior name="SecPerCallBehaviour">
                    <serviceThrottling maxConcurrentCalls="30" maxConcurrentSessions="1000"
                    maxConcurrentInstances="30" />
                    <serviceMetadata httpGetEnabled