In this paper, the use of cosine-modulated filter banks (CMFBs) for multicarrier modulation in the application of very-high-speed digital subscriber lines (VDSLs) is studied. We refer to this modulation technique as cosine-modulated multitone (CMT). CMT has the same transmitter structure as discrete wavelet multitone (DWMT). However, the receiver structure in CMT is different from its DWMT counterpart. DWMT uses linear combiner equalizers, which typically have more than 20 taps per subcarrier. CMT, on the other hand, adopts a receiver structure that uses only two taps per subcarrier for equalization. This paper has the following contributions. (i) A modification that reduces the computational complexity of the receiver structure of CMT is proposed. (ii) Although traditionally CMFBs are designed to satisfy perfect-reconstruction (PR) property, in transmultiplexing applications, the presence of channel destroys the PR property of the filter bank, and thus other criteria of filter design should be adopted. We propose one such method. (iii) Through extensive computer simulations, we compare CMT with zipper discrete multitone (z-DMT) and filtered multitone (FMT), the two modulation techniques that have been included in the VDSL draft standard. Comparisons are made in terms of computational complexity, transmission latency, achievable bit rate, and resistance to radio ingress noise.