Monaco's first in lists for race venue (2,4)
I believe the answer is:
le mans
'race venue' is the definition.
(as in 24 Hours of Le Mans)
'monaco's first in lists' is the wordplay.
'monaco's first' becomes 'm' (1st letter of 'monaco').
'in' is an insertion indicator.
'lists' becomes 'leans' (I've seen this in another clue).
'm' going within 'leans' is 'LE MANS'.
'for' is the link.
(Other definitions for le mans that I've seen before include "French motor-race venue" , "Place" , "French race track" , "French car racing track" , "French city renowned for sports car race" .)