Light teasing repartee (8)
I believe the answer is:
raillery
'light teasing repartee' is the definition.
(I've seen this before)
This is the entire clue.
(Other definitions for raillery that I've seen before include "(Example of) banter" , "Banter, back-chat" , "Light teasing repartee" , "Satirical banter" , "Good-humoured teasing" .)