Wavelet Packet Based Multicarrier Modulation (WPMCM) system uses usually a prototype filter bank multicarrier. The Daubechies-D10 filter bank (D10FB) is the basic framework of multicarrier modulation (MCM) transceiver system. In this paper, Lattice structures of exact Daubechies-D10 wavelet filter are adopted to design a prototybe filter bank realized for a proposed structure of WPMCM transceiver system. Magnitude and phase responses of the exact Daubechies-D10 LPF and the proposed structure are compared. They are nearly the same in the passband with improved roll-off characteristics of the magnitude response of the proposed. Whilefrom the results, it appears that the proposed WPMCM structure possess low speed of operation, less complexity and less power consumption.It is also noticed from SNR comparison, that the performance evaluation of the proposed WPMCM transceiver system is a moderate between other two previously issued structures.