Disclosed is a system and method for peak power reduction on a plurality of frequency domain orthogonal frequency divisional multiplexing (OFDM) signal carriers and a plurality of time domain signal carriers in a communications system. The system includes a plurality of frequency domain carrier processing blocks configured to iteratively perform frequency domain processing of at least one frequency domain OFDM signal carrier to reduce peak power transmission and a plurality of time domain carrier processing blocks configured to iteratively perform time domain processing of at least one time domain signal carrier to reduce peak power transmission, wherein the system is further configured to perform the frequency domain processing and time domain processing substantially simultaneously, thereby spreading excess peak power to one or more of the plurality of frequency domain OFDM signal carriers and to one or more of the plurality of time domain signal carriers.