SPDIF impedance correction

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Here is how the digital output interfaces of my professional Sony CDP-2700 cd player look like:

When the pulse transformer in this circuit is a 1:1 type it does not have a useful function IMO.
When it is a step-down type it is functional; a step-down type is likely because there will be a couple of volts p-p coming out of the buffer IC.
 
This is not the best circuit but it is very simple !!

Serge
 

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