Combine ingredients: Place fish heads, shrimp peels, and heads, saffron, bay leaves, garlic, onion, and parsley in a large stockpot.Add 1 quart [1 liter] of water.
Simmer: Cook over low heat for an hour, adding water as it becomes necessary to maintain the same level.Once finished simmering, season with salt and pepper to taste (this is the level of salt the rice will have).
Sieve: Sieve to get rid of solids. Set it aside.
To make black rice
Sautée ingredients: In a large skillet that has a lid, heat oil over medium heat. Add bell pepper, tomato, and peas. Cook and stir for 30 seconds.Add olives and ink, mix well.
Cook rice: Pour in broth (one qrt [1 l]). When it breaks the boil add rice and mix well. Simmer until almost all the liquid has evaporated.Add shrimp, squid, clams, and mussels. Mix well.
Cover and simmer: Lower heat to very low, cover with a tight-fitting lid and simmer for 20 mins. Uncover and stir, moving rice from the top to the bottom and vice-versa. Cover and again and simmer for another 5 minutes. Rice should be firm but cooked through. If it becomes necessary cover and simmer for another 5 minutes.
Serving: Remove from the heat once cooked, and serve hot.
Notes
The original traditional Spanish dish calls for arborio rice, but I prefer using long-grain rice instead. The instructions here would not work for arborio.