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This is only occures if pre-emphasis is used (FM 50 or 75us). so proper composite clipper should fix this in better way i think.
From reading previous posts, I get the impression that most of you are feeding files into Stereo Tool, rather than real-time audio. The talk of switching pre-emphasis in from time to time makes me wonder how many of you use the FM part of the software.
While I don't profess to be an expert, even after 35 years around this stuff, everything I've worked with holds that composite clipping is a questionable option, embraced by some, but not all, and only for that last bit of competitive edge... certainly not to fix anything that comes before it. The software and surrounding hardware should be capable of handling any spikes without relying on composite clipping in any way.
... which Stereo Tool does pretty well, by the way.