Indicates the Queen's pulled up trousers (7)
I believe the answer is:
records
'indicates' is the definition.
(recording is a kind of indicating)
'the queen's pulled up trousers' is the wordplay.
'the queen' becomes 'er' (Elizabeth Regina).
'pulled up' is a reversal indicator.
'trousers' becomes 'cords' (cords is a kind of trousers).
'er' backwards is 're'.
're'+'cords'='RECORDS'
(Other definitions for records that I've seen before include "Sets down in writing or preserves in sound" , "Files" , "Makes written note" , "unsurpassed performances" , "Annotations of events" .)