We use 85-Gs/s digital-to-analog convertor (DAC), 85Gs/s analog-to-digital convertor (ADC), commercial optoelectronic (OE) components with an overall electronic 3dB-bandwidth of less than 15GHz, and novel digital signal processing (DSP) algorithms implemented in CMOS to realize real time coherent transceiver operation at a record baud rate of 61-Gbaud/s. Novel DSP approaches for mitigating narrow filtering effect is critical to acquire data clock, and to improve modem performance. With transmitter pre-emphasis, novel timing recovery, and soft output maximum likelihood sequence estimation (MLSE), we are able to achieve error free operation of single carrier 200-Gbit/s polarization division multiplexed quadrature phase shift keying (PDM-QPSK) after forward error correction (FEC) at 15.2dB OSNR with pre-FEC error rate of 1.4E-2, and single carrier 400-Gbit/s PDM 16-ary quadrature amplitude modulation (16QAM) after FEC at 30.2dB OSNR with pre-FEC error rate of 9.5E-3. Error free transmission for 200-Gbit/s PDM-QPSK and 400-Gbit/s PDM-16QAM was achieved after 1200km propagation with 6dB link margin and 80km propagation respectively.