Online brokerage TD Waterhouse Group, controlled by Canada's Toronto Dominion Bank ( TD - Get Report), said trading activity declined in May versus April, as investors continued to shun the stock market amid concerns over corporate accounting and geopolitical turmoil.

TD Waterhouse reported total trades per day averaged 93,300 in May, down 6% from April and 21% from the year-ago month. So far, however, June is looking up: the company has seen a 2% increase in average trades per day in the first two weeks of June versus May.

Customer assets totaled $138 billion at the end of May, up 1% from April and down 1% from the previous year. Margin loans for the month totaled $3.7 billion, a 5% decline from the prior month and an 18% decrease from the year-ago.

Online financial services giant Charles Schwab ( SCH) Thursday said it would probably miss its second quarter earnings targets due to the weak trading activity. The company reported a 6% decline in overall average daily trades to 180,600, and a 6% drop in average daily trades at its active trader unit CyberTrader, to 10,200 in May. Schwab shares fell 3.4% to close at $11.14.

Datek, which is being acquired by Ameritrade ( AMTD) and also caters to active traders, recently reported that its average daily trades fell 2% in May from April to 70,000. That put the daily trading activity for the company down 8% for the first two months of the quarter.

Ameritrade reports its trading activity on Friday. E*Trade ( ET) doesn't report monthly activity.