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STEP 1
Remove baby squid from their tin and set aside. In a medium saucepan, combine sauce from the baby squid with the squid ink, stock and lemon juice. Bring to a simmer and turn off heat.
STEP 2
Heat 3 tablespoons of olive oil in a 15-inch paella pan. Sauté the monkfish over medium-high heat, turning frequently for 2-3 minutes. Add the squid rings and continue to cook 1-2 minutes (they should not be fully cooked). Set seafood aside to a platter.
STEP 3
Add the remaining 1 tablespoons of oil, the white part of scallion and garlic and sauté over medium-high heat until the onion is soft. Stir in the tomatoes, red pepper and cook 1-2 minutes, stir in the smoked paprika and sherry or white wine. Bring to a boil for 3-4 minutes.
STEP 4
Add the rice and stir well. Pour in the broth mixture and bring to a boil. Taste for and adjust salt and continue to boil, stirring and rotating the pan occasionally for about 2 minutes. Stir in the squid rings and add monkfish pieces evenly around the pan, tucking them into the rice mixture a bit. It is important to not stir after this point. Boil until the rice is no longer soupy but sufficient liquid remains to continue cooking the rice - about 5 minutes.
STEP 5
Arrange the shrimp around the other seafood and cook uncovered on a low simmer until the rice is almost al dente, about 10-12 more minutes. Remove from heat, arrange the piquillo pepper strips and reserved baby squid attractively over the rice. Cover with foil and let rest for 5-10 minutes. Remove foil and garnish with of green onion.
Serve hot with lemon wedges, alioli garlic sauce, crusty bread and a Spanish white or rosé wine.