The most common and most likely answer to this crossword clue is the 10 letter word PALISADING
I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "Putting a fence around" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case putting a fence around = palisading.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 PALISADING mean?
PALISADING verb- (usually in the passive) To equip with a palisade.
- A row of palisades set in the ground.