The most common and most likely answer to this crossword clue is the 5 plus 5 letter word COMIC OPERA
I've seen this crossword clue in Financial Times
C
O
M
I
C
O
P
E
R
A
More clues leading to the result COMIC OPERA
- Patience maybe displayed by manager in firm with rising ambition
- Poem, circa the end of 1640, revised by Milton perhaps
- Patience? I manage recovery, initially being in non-responsive state
- Amoco price crashes in light musical setting
- Comedian unravelled a rope in absurd emotional situation
- With comrade, I manage sidesplitting Gran — spectators will laugh at that
- Firm amplification device for partial performances at musical drama
- Show with a rope
- Mikado for instance sending one manager into stupor?
- Light work made of one manager in unresponsive state
Buddy explains!
The straight part
We know that "light musical setting" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case light musical setting = comic opera.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.