Although orthogonal frequency division multiplexing (OFDM) communication systems that use inverse discrete Fourier (IDFT) for multicarrier modulation and discrete Fourier transform (DFT) for demodulation are dominantly adopted in the current broadband standards, there have been some reports in recent years that discuss the shortcomings of OFDM in highly mobile and/or multiple access environments. To resolve these problem, a number of authors have proposed a shift from OFDM to filterbank-based multicarrier techniques. This paper is also along the same line. We present a thorough study of filtered multitone (FMT)in time-varying frequency selective channels. We derive close-form equations for the optimum parameters of per tone fractionally spaced equalizers and also signal to interference plus noise ratio (SINR) and use these to evaluate FMT in typical wireless mobile environments.