The present invention relates to a multiplexing system comprising a set of transcoders (TC[1] to TC[n]), a controller (CONT) and a multiplexer (MUX). The set of transcoders comprises n transcoders, each transcoder (TC[i]) allowing an input compressed data signal (ICS[i]) encoded at an input bit rate (Rin[i]) to be converted into an output compressed data signal (OCS[i]) encoded at an output bit rate (Rout[i]). The controller (CONT) receives from each transcoder parametric information on the regulation process and the video coding complexity and subsequently computes the bit rate allocated (Rout[i]) to each transcoder (TC[i]) according to a total bit rate capacity available at the output of the multiplexer. The controller receives also parametric information derived from the input compressed data signal (ICS[i]), this information being used to improve the bit rate allocation strategy. Finally, the multiplexer (MUX) provides a multiplexed data signal (MS) by multiplexing of the output compressed data signals (OCS[1] to OCS[n]).