The current structure for trading bonds and swaps builds on bank Dealers as core intermediaries. These firms provide essential liquidity to clients by buying and selling instruments in part from their own books. The purpose of this overview paper is to analyse the post-GFC role of bank Dealers in OTC fixed income markets. We focus on three questions: 1) Is trading of swaps and bonds converging to a “high-speed” setup with wide-ranging transparency and “all to all” trading? 2) What is the impact of the market changes on the Dealer business model? 3) How did the Covid shock in March 2020 affect the OTC bond and swap market? Overall, the evolution of fixed income markets creates new challenges for systemic risk mitigation and safeguarding of liquidity provision, which have also been highlighted by the Covid crisis in March 2020.