The most common and most likely answer to this crossword clue is the 8 plus 4 letter word MERIDIAN LINE
I've seen this crossword clue in Financial Times
M
E
R
I
D
I
A
N
L
I
N
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.