Rates London and New York, perhaps below Parisian transport system (10)

'rates' is the definition.
(velocity is a kind of rate)

'london and new york perhaps below parisian transport system' is the wordplay.
'london and new york perhaps' becomes 'cities' (London and New York are examples).
'below' is a charade indicator (letters next to each other).
'parisian transport system' becomes 'velo' ('bicycle' in French).
'cities' put after 'velo' is 'VELOCITIES'.