The present invention is directed to data communication systems and methods. More specifically, embodiments of the present invention provide a CML that uses one or more equalization modules to apply equalization via secondary windings of transformers that are coupled, directly or indirectly, to the CML outputs. The equalization modules comprises a DAC component that generates switching signals based on control signals received from an external equalization module. The equalization module also includes switchable resistors and/or capacitors. The switching signals are used to select switchable resistors and/or capacitors. By switching resistors and/or capacitors at the equalization module, the outputs of the CML are equalized. There are other embodiments as well.