The finance ministers of the G7 major powers are very likely to hold a conference call later on Sunday to discuss turmoil in the financial markets, a British Treasury source said.

It's very likely a finance ministers' call is going to take place later tonight, the source told Reuters, saying it was expected to occur at 5 p.m. EDT before the markets in Asia opened.

The source had no details immediately on what the substance of the talks would be.

(Reporting by Michael Holden)