A giant holding racket, standing (7)
I believe the answer is:
abiding
'standing' is the definition.
('abide' can be a synonym of 'stand')
'a giant holding racket' is the wordplay.
'giant' becomes 'big' (similar in meaning).
'holding' means one lot of letters goes inside another.
'racket' becomes 'din' (both can mean a loud noise or disturbance).
'big' placed around 'din' is 'biding'.
'a'+'biding'='ABIDING'
(Other definitions for abiding that I've seen before include "Stopping" , "Durable, lasting" , "firm" , "Putting up with: long-lasting" , "With a lasting quality" .)