£1.5tn ($2tn) wiped out of Global markets after Brexit, largest single day drop since 2007. US banks began to act and shift operations out of UK as the world’s most convoluted and complex divorce begins. However, hedge funds make big wins from Brexit bets.FTSE100 was spared the worst of pain by the time it closed after UK voted to leave the EU, markets were plunged into turmoil.

 London’s FTSE100 fell by 500 points, 7% within minutes after opening as the paper value of the companies reduced by over £120bn while the pound slumped to a 31 year low against the US dollar. This prompted instant intervention by the Bank of England, which made available a £250bn war chest to support markets while governor Mark Carney pledged that it would more if necessary.

By afternoon trading the FTSE100 was just 1.8 lower as investors recovered from the initial shock vote and closed 199 points or 3.2% down at 6138, which meant £52bn in value was lost on the day. Although the week started at 6021 points.

Taylor Wimpey house builders shares were worst hit ending the day down almost 30%. British Airways shares were down 22% on the day. Oil prices slumped 6 percent. Nymex crude was down 5.3 percent at $47.44 a barrel and Brent Crude had lost 3.5 percent at $48.21 a barrel. Gold rallied and breached two-year highs, gaining as much as 8.2 percent to hit $1,358.2 an ounce.

Stock markets on the continent fared worse amid the prospect of the UK, a country currently making up one-sixth of total EU output, leaving the bloc. German Dax was down 6.8% and France Cac 40.8% off at the close. The Ibex in Spain lost 12.4% and Italy’s Mib 12% lower. The pound hit the lowest level since 1985 at one stage, making the dive sharper and bigger than on Black Wednesday in 1992. It was 8% down at $1.36 against US dollar and 6% against the Euro at €1.23. World’s second largest economy, the Chinese, mainland markets closed lower, with the Shanghai composite down 38.33 points or 1.33 percent at 2, 853.62, and the Shenzhen Composite down 14.6 points 0.76 percent at 1900.59. In Hong Kong, the Hang Seng Index tumbled down to 609.21 points or 2.92 percent, at 20,259.13. In Japan, the Nikkei 225 tumbled to close 7.92 percent lower on the back of fresh strength in the yen. In Korea, the Kospi lost 61.47 points or 3.9 percent to 1925.24. Australia ASC 200 dropped 167.50points or 3.17 percent to 5113.18. Brexit also shaved 1000 points off India’s Senex, as Rupee dips 26, 367.48.

Ratings Agency Standard and Poor reaffirmed its previous warning that the UK stood to lose its AAA credit rating following a Leave vote. The price of gold had its best day since 2009 rising 5%. Nat West Bank suspended foreign currency exchange blaming EU referendum fluctuations.