The problem of MIMO transmission using filterbank multicarrier (FBMC) modulations in strong frequency selective channels is considered. A novel architecture for the implementation of MIMO precoders and linear receivers is derived, which consists of multiple parallel stages that are combined at the per-subcarrier level. Each of these stages is constructed like a classical FBMC modulator/demodulator, using the successive derivatives of the prototype pulse instead of the original one. The performance of the proposed architecture is theoretically characterized in terms of the residual distortion power at the output of the receiver, assuming an asymptotically large number of subcarriers. Results demonstrate the effectiveness of the proposed architecture in MIMO channels with severe frequency selectivity.Index Terms-Filterbank Multicarrier, MIMO, FBMC/OQAM, spatial multiplexing.