Malaysia's 15th Parliament, which first sat in December 2022, faces automatic dissolution by late 2027 under constitutional rules unless the prime minister seeks earlier dissolution with the Yang di-Pertuan Agong's approval, triggering a general election within 60 days. Trader positioning currently favors dissolution by mid-2027 amid ongoing coalition frictions within Prime Minister Anwar Ibrahim's administration and speculation that state-level snap elections in Johor and Negeri Sembilan could serve as an early test of support. Recent public statements from Anwar indicating openness to polls if internal divisions persist, combined with historical precedent for mid-term dissolutions when stability concerns arise, shape the implied probabilities. Key upcoming catalysts include results from those state contests and any further signals on federal timing before the fixed term ends.