In this paper, the use of cosine modulated filter banks (CMFBs) for multi-carrier modulation in the application of very high-speed digital subscriber lines (VDSL) is studied. We refer to this modulation technique as cosine modulated multitone (CMT). CMT is fundamentally the same as the discrete wavelet multitone (DWMT) which has been known since 1993 and is well studied in the literature. In fact, both methods transmit the same modulated signals. However, the receiver structure in CMT is different from its DWMT counterpart. DWMT uses linear combiner equalizers that combine signals from each sub-carrier band and its adjacent bands. Such equalizers are relatively complex -typically more than 20 taps per sub-carrier are required. CMT, on the other hand, adopts a receiver structure that uses only two taps per sub-carrier for equalization. This paper has the following contributions. (i) The use of CMFB for multi-carrier communication with a simplified equalizer has recently been proposed. A modification to the structure of the receiver that further reduces its complexity 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. In terms of computational complexity, z-DMT is found superior to CMT and FMT. CMT, on the other hand, offers the highest bit rate. Both CMT and FMT outperform z-DMT with respect to transmission latency and resistance to radio ingress noise. CMT is significantly less complex than FMT.