Global stock markets tumble.

Video Report: : Stock Markets panic in the wake of the Lehman Brothers collapse.

Detailed below is a round up of  the closings of some of the most affected stocks as the worlds markets tried to come to terms with the fall out.

Bank and other financial stocks weighed heavily in the European indexes, and these shares took taking a severe pounding as credit jitters ruled the day.

Barclays didn't get much of a reward for its caution in pulling out of the deal to buy Lehman on the 14th. Its stock closed down 14.91 percent. Royal Bank of Scotland, which outbid Barclays for ABN Amro last year, also took a severe beating and was down 15.54 percent.

HBOS, the largest British mortgage lender, faired even worse plunging  nearly 30 percent. European banks also encountered extreme investor disfavor.

Deutsche Bank, Germany's largest, was down 8.9 percent, while France's Société Générale fell 13.35 percent. Insurers also took a pounding, with German giant Allianz down 7.72 percent.

The broad punishment meted out to banking stocks is not surprising, given the shock of one of the four largest U.S. investment banks folding and  Merrill Lynch, seeking safe refuge in the acquisitive arms of Bank of America in a $50 billion deal.

Over time, though, the market is likely to distinguish between different types of risk. Already HSBC, which is managed more conservatively than most other banks and was early in recognising and dealing with its U.S. real estate loan problems, appeared relatively unscathed with just a 3.85 percent decline on Sept. 15.

Where will we end up today?

 Further updates will be announced throughout the day as they break.