Feature securing old rope (5)
I believe the answer is:
noose
'rope' is the definition.
(noose is a kind of rope)
'feature securing old' is the wordplay.
'feature' becomes 'nose' (I've seen this before).
'securing' is an insertion indicator.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'nose' enclosing 'o' is 'NOOSE'.
(Other definitions for noose that I've seen before include "Bond" , "Scaffold rope" , "Hangman's halter" , "Catch" , "Hangman's or cowboy's loop" .)