In food processor bowl, combine the shallot, chile, garlic, bay leaves, mustard seed, sherry, Worcestershire sauce and peppercorns and process into a smooth paste. Place the flavor paste in a pot and combine with the ketchup, soy and stock. Bring the mixture to a boil, reduce the heat to a simmer and cook 30 minutes. Cool and refrigerate for a make-ahead meal.
Recipe courtesy of Rachael Ray