The most common and most likely answer to this crossword clue is the 7 letter word COCKADE
I've seen this crossword clue in Financial Times
C
O
C
K
A
D
E
Buddy explains!

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.
What does COCKADE mean?
COCKADE noun- A rosette or knot of ribbon worn in a hat, especially as an office or party badge.
- An emblem of concentric circles of different colours, identifying the country to which an aircraft belongs.