Sterling down 8% against the dollar and 6% against the euro
Banks and housebuilders among biggest fallers on FTSE 100
Wall Street falls more than 3% after London closed 3.1% lower
European stock markets hammered
Image source, Getty ImagesShares in London Stock Exchange Group are down 8.6% on fears that its mega-merger with Deutsche Boerse may flounder.
Germany's Wirtschaftswoche reports that the Deutsche Boerse works council is now arguing that Brexit means Frankfurt should become the legal headquarters of the combined group.
The council made a similar call earlier this month.
Clothing retailer Dorothy Perkins sent Twitter into a spin earlier with a slightly mistimed tweet.
The company has since deleted it, but Metro's Emily Shackleton has kept a copy:
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Image source, PASouth African retailer Steinhoff has said it is reviewing its mooted takeover of discount chain Poundland, partly because of the UK's vote to leave the EU.
Steinhoff said it was "considering its position" after the Poundland board had rejected an offer.
It also pointed to the recent movement in Poundland shares (down 8% today) and "the impact of the EU referendum on global markets".
Joe Lynam
BBC business correspondent
Image source, ReutersMorgan Stanley's Canary Wharf headquarters
Sources within Morgan Stanley have told the BBC that the bank is stepping up a process that could see up to 2,000 of its London-based investment banking staff being relocated to Dublin or Frankfurt.
The US bank, which established a task force looking into any staff relocations, will not be waiting for Article 50 that triggers the formal process of a country quitting the EU.
The jobs that could be moved from the UK would be in euro clearing, as well as other investment banking functions and senior management.
The bank needs to use the passporting system, which allows banks to offer financial services in all EU countries without having to establish a permenant base in that member state.
The president of Morgan, Stanley Colm Kelleher, told Bloomberg two days ago that Brexit would be “the most consequential thing that we’ve ever seen since the war”.
Morgan Stanley today denied reports that it had begun the process of relocation: “The UK’s vote to leave the European Union is a very significant decision which will have a considerable impact, the extent of which will not be known for some time. There will be at least a period of two years before an actual exit takes place, so there will be time to implement any changes required to adjust our business to the new environment.
"Morgan Stanley will continue to monitor developments very closely and will adapt accordingly while prioritising the interests of our clients, our shareholders and our employees.”
Image source, Getty AFPSouth America business correspondent Daniel Gallas gives some extra context to the pound's massive drop today.
Sterling was down 7.5% earlier against the Brazilian real - one of the world's worst performing currencies. Sterling has since recovered a bit, falling 6.7% against the real to 4.6435.
With 90 minutes of trading remaining today in London, the FTSE 100 has regained some ground to be down less than 2% at 6,216 points. However, the FTSE 250 - regarded as a better barometer of the health of the UK economy - is still more than 7% lower.
Business correspondent Victoria Fritz tweets:
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Image source, JCBJCB chairman Lord Bamford, who supported a Leave vote, says that as the world's fifth-largest trading nation, the UK has "little to fear from leaving the EU".
"As a consequence of this momentous decision, we should look ahead to opportunities to trade more freely with the rest of the world, as well as building on existing trading relationships with customers and suppliers in Europe," he says.
Image source, Getty ImagesSome investors sees today's huge falls as a buying opportunity and are on the hunt for bargains, according to Hargreaves Lansdown analyst Laith Khalaf.
Unsurprisngly, the most popular stocks are the ones that have been hardest this morning.
Lloyds (down 20%) tops the list of most traded shares on the FTSE 100, followed by Barclays (down 16.6%), housebuilder Taylor Wimpey (off 26%), and insurers Legal & General (16.8% lower) and Aviva (15.2% lower), according to Mr Khalaf.
Image source, Getty ImagesUS banks are being hammered on Wall Street, with Citigroup about 8% lower, Goldman Sachs and Wells Fargo both 5% lower and Bank of America off 5.4%.
That's nothing, however, compared with the falls in some European banks: Santander is almost 20% lower and Barclays has shed more than 16%.
Shares in New York have fallen as the opening bell on Wall Street rings, with the Dow Jones industrial average dropping 2.3% and the S&P 500 off 2%, while the Nasdaq is 3.8% lower.
BBC US business correspondent Michelle Fleury tweets...
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Image source, Getty ImagesThe US Federal Reserve has sought to calm global financial markets ahead of the opening of Wall Street.
"The Federal Reserve is prepared to provide dollar liquidity through its existing swap lines with central banks, as necessary, to address pressures in global funding markets, which could have adverse implications for the US economy," the Fed said.
"The Federal Reserve is carefully monitoring developments in global financial markets, in cooperation with other central banks."
It follows the news that G7 central banks - of which the US Fed is one - have taken steps to prop up the markets.
The Bank of England earlier said it stood ready to provide £250bn in extra funds to banks.
Labour MP tweets
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Let's take a quick look at what's happening to those banking stocks that took such a hammering earlier.
Within the first half hour of trading Barclays shares fell by 30%, before recovering some ground.
A short while ago they were down just over 20%. RBS was down 17% and Lloyds down 24%.
We'll keep you posted ...
Chancellor of the Exchequer George Osborne tweets...
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The G7 countries are Canada, France, Germany, Italy, Japan, the US and UK.
Image source, Getty ImagesAhead of the referendum, credit rating agencies had estimated the Republic of Ireland would be the EU country that was most exposed to a UK departure.
The Irish government has put out a message saying it has adopted contingency plans to map out the most pressing issues for the country.
Quote MessageToday’s result marks the beginning of a new phase of negotiated withdrawal – one that is expected to take place over at least two years and possibly longer. Businesses can continue to trade as normal and people can continue to travel as normal between Ireland and the UK, including Northern Ireland. In the meantime, the government has adopted an initial Contingency Framework to map out the key issues that will be most important to Ireland in the coming weeks and months. This will be an iterative process as issues emerge and recede in the course of negotiations.”
BBC business reporter Joe Lynam reports...
Sources within Morgan Stanley say it has already begun the process of moving about 2,000 of its London-based investment banking staff to Dublin or Frankfurt. And it has a taskforce in place.
The jobs which would be moved from the UK would be in euro clearing but also other investment banking functions and senior management.
The American investment bank needs to avail of the passporting system which allows banks to offer financial services in all countries in the EU without having to establish a permanent base in that member state.
The president of Morgan Stanley, Colm Kelleher, told Bloomberg two days ago that Brexit would be “the most consequential thing that we’ve ever seen since the war”.
Image source, Getty ImagesThe chief executive of Airbus has some forthright comments on the Leave outcome.
It's "a lose-lose result for both, Britain and Europe", says Tom Enders, boss of the world's second largest aircraft maker.
"I hope the divorce will proceed with a view on minimising economic damage to all impacted by the Brexit," he says.
"Britain will suffer," he goes on to warn, before adding: "Of course we will review our UK investment strategy, like everybody else will."
Image source, Getty ImagesQuote MessageWe take note of the decision by the people of the United Kingdom. We urge the authorities in the UK and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the UK and the EU, including by clarifying the procedures and broad objectives that will guide the process. We strongly support commitments of the Bank of England and the ECB to supply liquidity to the banking system and curtail excess financial volatility. We will continue to monitor developments closely and stand ready to support our members as needed.
Christine Lagarde, Managing director, IMF