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This part can be made the day ahead to save time:
Heat an 8-quart heavy pot over moderate heat, add oil and cook garlic, onions, bay leaf, oregano, and red pepper flakes with salt and pepper stirring often for about five minutes, until onions are softened. Add bell pepper and tomato paste and cook, stirring, 1 minute. Add wine, boil and reduce by about half, 5 to 6 minutes. Add tomatoes with their juice, clam juice, and broth and simmer, covered, 30 minutes. Season with salt and pepper.
This should be done on the day of service: While simmering, add clams and mussels to stew and cook, covered, until they start to open, about 5 to 10 minutes, checking every minute after 5 minutes and transferring opened clams and mussels to a bowl with a slotted spoon. Discard any unopened clams and mussels after 10 minutes. Lightly season fish fillets, shrimp, calamari and scallops with salt and add to stew, then simmer, covered, until just cooked through, about 5 minutes. Discard bay leaf, then return clams to pot and gently stir in parsley and basil.
Serve cioppino immediately in large soup bowls, garnished with fresh shredded basil and a side of crusty bread.
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