Shouldn't Concrete Limiter be able to tame the track volume?

I am really confused at the moment! While using Platinum, Concrete Limiter only appears to have an effect on the 'gain' of a track and not the track 'volume'. Is this the intended behaviour? Please forgive me if I am ignorant of how it is designed to function.
 
If I drive a track volume above 0db, Concrete Limiter will not reduce the level. It will only do so when I overdrive the gain. Inserting a brickwall limiter into the track FX will not limit the overall volume either. Consequently, it would seem that there is effectively no way to limit the overall volume of an individual track. Am I missing something? Or is it because of the amount of Cabernet Sauvignon I had with my meal tonight?

Normally I would never ever drive my tracks that hard. However, this is an experiment brought on by some behaviour I encountered on a project that made me wonder what CL was doing. 
 
I totally agree with you - that a Limiter should work on the overall volume. I have a little video of what it is currently doing ...  http://youtu.be/xSY2jg1wtRQ
 

One thing you need to be sure of is, is the PC post FX bin or not? If not it can't be in control of the volume.

A number of limiters work with auto gain makeup. Meaning as you reduce the threshold, the actual volume will go up - with the peaks being increasingly reduced, the RMS volume can actually go up. Perhaps this is what's happening?

I hear what you are saying teego, but then how can I ever limit the overall track volume? (Apart from manually keeping my eye on the meter for peaks. I would really like a limiter as the last item in the chain. 

What originally prompted my question is that I had Addictive Drums with kick and snare assigned to individual outs - a track each in Platinum. Meters were all fine (under 0db). When I panned the (mono) snare slightly off centre - the volume meters on that track went over the limit - I assume because of my pan law settings. However, shouldn't the CL on that track stop that occurring, as the PC was in Post FX mode?

No, the track pan control is also post effects bin and PC , it is actually post volume fader. The easiest fix for what you describe would be to reduce the track volume fader, if you want to use the limiter stick it in there and leave the volume fader at 0 or lower.

Pan and volume are post fx.

Thanks teego and sanderxpanda. It was the pan which was particularly throwing me. I guess to tame any errant peaks which slip through (as happened in my original project) I would need to rely on the bus limiter to catch what had gone over on the track. Thanks for your help.