The VSC7126 is a full-speed Fibre Channel Transceiver optimized for Host Adapter and other space- constrained applications. It accepts two 10-bit 8B/10B encoded transmit characters, latches them on the rising edge of TBC and serializes the data onto the TX+/- PECL differential outputs at a baud rate which is twenty times the TBC frequency. It also samples serial receive data on the RX+/- PECL differential inputs, recovers the clock and data, deserializes it onto two 10-bit receive characters, outputs a recovered clocks at one twentieth of the incoming baud rate and detects Fibre Channel "Comma" characters. The VSC7126 contains on-chip PLL circuitry for synthesis of the baud-rate transmit clock, and extraction of the clock from the received serial stream. These circuits are fully monolithic and require no external components.