The most common and most likely answer to this crossword clue is the 7 letter word LOCATES
I've seen this crossword clue in Financial Times
L
O
C
A
T
E
S
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 LOCATES mean?
LOCATES verb- To place; to set in a particular spot or position.
- To find out where something is located.
- To designate the site or place of; to define the limits of (Note: the designation may be purely descriptive: it need not be prescriptive.)
- To place oneself; to take up one's residence; to settle.