  We show that recent stock market fluctuations are characterized by the
cumulative distributions whose tails on short, minute time scales exhibit power
scaling with the scaling index alpha > 3 and this index tends to increase
quickly with decreasing sampling frequency. Our study is based on
high-frequency recordings of the S&P500, DAX and WIG20 indices over the
interval May 2004 - May 2006. Our findings suggest that dynamics of the
contemporary market may differ from the one observed in the past. This effect
indicates a constantly increasing efficiency of world markets.
