Removes the Spanish steed running round (7)
I believe the answer is:
deletes
'removes' is the definition.
(deleting is a kind of removing)
'the spanish steed running round' is the wordplay.
'the spanish' becomes 'el' ('the' in Spanish).
'running' is an anagram indicator (the letters run around to different places).
'round' indicates putting letters inside.
'steed' anagrammed gives 'detes'.
'el' put inside 'detes' is 'DELETES'.
(Other definitions for deletes that I've seen before include "Crosses out" , "Erases" .)