Bond's boss - spy chasing a red? (7)
I believe the answer is:
magenta
'red?' is the definition.
(magenta is a kind of red)
'bond's boss spy chasing a' is the wordplay.
'bond's boss' becomes 'm' (I've seen this in other clues).
'spy' becomes 'agent' (I've seen this before).
'chasing' is a charade indicator (letters next to each other).
'm'+'agent'+'a'='MAGENTA'
(Other definitions for magenta that I've seen before include "French victory" , "Shade of purple" , "Colour named after a bloody 1859 battle in Italy" , "fuchsia" , "A crimson dye" .)