This appointment will strengthen FRS' presence in the US market and help achieve its aggressive growth targets.

David will be responsible for overseeing the company's growth strategy and developing FRS' risk and regulatory compliance business within North America. He will ensure that FRS is well positioned to deliver solutions that enable financial institutions to meet reporting requirements such as Basel II and Sarbanes-Oxley.

Mr. Coad has over 18 years of experience in market entry and business start-up opportunities. He has worked with global firms providing mission critical solutions to leading financial services institutions that include software development, application integration, and business process consulting engagements. Prior to joining FRS, David worked for IBM, SunGard, Digital Equipment, and most recently for BusinessEdge solutions' financial services practice.

David Coad commented: "This is a great opportunity to lead the FRS team in the Americas. With financial institutions facing so many new regulations over the next 12 months, it is vital that the company continues to invest in developing innovative solutions and strategies to deliver them to the marketplace. My primary objective will be to oversee these efforts and ultimately enable financial institutions to meet the ever increasing complexity of compliance and reporting regulations."

"We are happy to have an individual with David's credentials join our team," said Steve Husk, CEO of FRS. "His deep industry knowledge and can-do attitude make him the ideal leader to take our organization to the next level in the Americas."

David is fluent in spoken Japanese and has strong knowledge of financial trading operations. He holds a degree in history and economics from Grinnell College, Iowa.