Can Texas hold its own against New York as a financial center? Backers of the impending Texas Stock Exchange think so, and they’re betting big. BlackRock, Citadel Securities, and individual investors have thus far contributed $120 million to get the planned electronic exchange, with an accompanying physical location in Dallas, up and running.

The New York Stock Exchange and Nasdaq have been the dominant exchanges for decades. Newcomers such as TXSE have their work cut out for them. The benefits of joining or remaining with the current big players are significant. But compliance costs are rising, and entrepreneurial CEOs could be tempted to embrace alternative platforms.