South Korean brokerages are estimated to have generated more than ₩1 trillion in overseas stock trading fee income in the second quarter for the first time, as rising transaction volumes by retail investors buying U.S. shares lifted brokerage revenue. Disclosures from nine major brokerages showed combined Q2 overseas stock fee income of ₩943.2 billion, up 60.7% from ₩586.8 billion in Q1 and the highest quarterly result on record for the segment. Because those firms accounted for about 90% of industry overseas fee income in Q1, total market revenue for Q2 is estimated to have exceeded ₩1 trillion. Toss Securities led the quarter with ₩219.3 billion in overseas stock fees, up 76.4% from ₩124.3 billion, becoming the first Korean brokerage to surpass ₩200 billion in quarterly fee income from the business. Mirae Asset Securities reported ₩177.8 billion, up 54% from Q1, while Kiwoom Securities at ₩135.4 billion and Samsung Securities at ₩116.1 billion also topped ₩100 billion. The increase tracked heavier cross-border trading by South Korean retail investors, known locally as "seohak-gaemi." Domestic investors' U.S. stock trading reached $170.5 billion in Q2, up 12.5% from $149.2 billion in Q1, while Hong Kong trading rose more than 30% to $2.7 billion from $2 billion. Third-quarter fee income may fall short of Q2, however: from July 1 to August 14, domestic investors' U.S. trading totaled $67.7 billion, still below half of the second-quarter total even though the quarter had passed its midpoint.