A signal equalizer for compensating impairments of an optical signal received through a link of a high speed optical communications network. At least one set of compensation vectors are computed for compensating at least two distinct types of impairments. A frequency domain processor is coupled to receive respective raw multi-bit in-phase (I) and quadrature (Q) sample streams of each received polarization of the optical signal. The frequency domain processor operates to digitally process the multi-bit sample streams, using the compensation vectors, to generate multi-bit estimates of symbols modulated onto each transmitted polarization of the optical signal. The frequency domain processor exhibits respective different responses to each one of the at least two distinct types of impairments.