This paper presents new positions for 689 FK5 stars determined directly in the extragalactic reference system from CCD scan observations made with the Flagstaff Astrometric Scanning Transit Telescope (FASTT). All the observations were made in 1994-1996 with an accuracy of ~+/-40mas in each coordinate. When these positions are compared with their counterparts in the FK5 catalog, systematic errors in the FK5 are found that vary in both right ascension and declination and can be as large as 100 mas in magnitude. No magnitude-dependent errors in the FK5 were found. Moreover, the true error in FK5 star positions is determined to be ~+/-80mas in both coordinates or two times the expected catalog positional errors. There is an excellent agreement between the systematic errors in the FK5 found in this paper and those presented in Lindegren et al. (1995A&A...304...44L) comparing FK5 and Hipparcos 30-month star positions. By comparing corresponding FASTT and FK5 star positions, the link between the optical and extragalactic reference frames was determined and is given by the following rotations ({omega}_x_,{omega}_y_,{omega}_z_) = (3+/-5, 25+/-5, 16+/-4) (s.e.) mas, which agree well with previous determinations made by other investigators. Two of the rotations ({omega}_y_,{omega}_z_) are significantly larger than their standard errors and, therefore, presumably real. Finally, since these rotations are small (<=25mas), the FK5 and extragalactic reference frames must be closely aligned to one another.