**Aleksandar Vučić’s United Serbia list leads trader expectations for the October 25 snap parliamentary election, with the Student List as the main challenger.** Vučić resigned the presidency in late September to head his coalition’s campaign for prime minister after dissolving parliament amid prolonged student-led protests triggered by the 2024 Novi Sad railway canopy collapse that killed 16 people. The protests evolved into a broad anti-corruption movement that formed the Student List – Students Win, backed by academics and some opposition parties. Recent polls place United Serbia in the mid-to-high 40s and the Student List in the high 30s, with few other lists expected to clear the 3% threshold. Traders price the ruling list’s organizational advantages and incumbency effects against the students’ momentum in a polarized contest scheduled for resolution shortly after election night.