Transaction Network Services Inc. said it has formed a financial services division to serve the securities trading market and hired John Schanz from Sprint Corp. as its head.

Mr. Schanz will immediately focus on expanding the data transport company's TCP/IP infrastructure, the Internet-protocol-based system on which the trading technology is based. The private Internet offering uses a standard messaging protocol called Financial Interface Exchange, or FIX.

Mr. Schanz, who was director of data engineering at Sprint and senior data network engineer at General Electric Co., "brings many years' experience and in-depth knowledge of data network design and engineering, along with strong business management skills," said Transaction Network Services president and chief executive officer John J. McDonnell Jr.

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