Paper neckwear worn by spymaster (5)
I believe the answer is:
times
'paper' is the definition.
(The Times newspaper)
'neckwear worn by spymaster' is the wordplay.
'neckwear' becomes 'ties' (I've seen this in another clue).
'worn by' indicates putting letters inside (outside letters are worn by those on the inside).
'spymaster' becomes 'M' (M is the head of MI6 in James Bond).
'ties' enclosing 'm' is 'TIMES'.
(Other definitions for times that I've seen before include "Paces" , "Big Apple's theatre district" , "measures the length of something" , "Periods, ages" , "Square in New York" .)