Clasps straps securing magazine (3,5)
I believe the answer is:
Here is my best explanation:
'clasps' is the definition.
'straps securing magazine' is the wordplay.
'straps' becomes 'ties'.
'securing' indicates putting letters inside.
'magazine' becomes 'clip' ('clip' can be a synonym of 'magazine').
'ties' enclosing 'clip' is 'TIE-CLIPS'.