Ingredients

• 1 cup brine-cured pitted black olives (such as Kalamata)
• 1 cup brine-cured pitted green olives (such as Picholine)
• 1/4 cup extra-virgin olive oil
• 2 tablespoons chopped fresh thyme
• 2 tablespoons drained capers
• 1 tablespoon chopped fresh rosemary
• 3 garlic cloves, chopped
• 1 anchovy fillet packed in oil, drained
• 1 four-bone standing beef rib-eye roast (about 11 pounds), chine bone removed, fat trimmed to 1/4"-1/2" thick
• 1 1/2 tablespoons kosher salt plus more
• Freshly ground black pepper
• 1 cup dry red wine (such as Merlot)
• 2 cups reduced-sodium chicken or beef broth
• 2 sprigs thyme
• 2 tablespoons (1/4 stick) unsalted butter, room temperature, divided
• 1 tablespoon all-purpose flour

Instructions

1. Pulse all ingredients in a food processor until a coarse purée forms. DO AHEAD: Tapenade can be made 1 week ahead. Place in a small bowl. Cover; chill.
2. For roast and sauce: Line a rimmed baking sheet with plastic wrap, leaving a long overhang on both ends. Place roast on top. Season meat with salt and pepper, then rub tapenade all over roast. (If fat cap is thicker than 1/4", cut in between fat and meat, starting on side of fat farthest from bones and continuing to within about 1" of bones; your butcher can do this for you. Peel back layer of fat, leaving attached; season meat and spread some of tapenade under fat. This will help seasoning penetrate the meat. Lay fat back over meat.) Tie 2 pieces of kitchen twine crosswise and 2 pieces lengthwise around roast to secure. Wrap tightly with excess plastic wrap and chill overnight. Let roast stand at room temperature for 1 hour before cooking. Preheat oven to 425°F. Unwrap roast; set on a rack inside a deep roasting pan. Pour 2 cups water into bottom of pan. Roast meat until deep brown, about 40 minutes. Reduce heat to 325°F and continue to roast until an instant-read thermometer inserted into the thickest part of meat registers 120°F for medium-rare (temperature will climb to 125°F after removed from oven), about 1 1/2 hours longer. Transfer rack with roast to a cutting board; let rest for at least 30 minutes. Meanwhile, pour off fat from roasting pan; discard fat. Add wine to pan, set over medium heat, and cook, stirring to dissolve any browned bits from bottom of pan. Transfer liquid to a medium skillet and bring to a boil over medium-high heat. Reduce heat and simmer until wine is reduced to 1/4 cup, 7-8 minutes. Add broth and thyme sprigs; cook until reduced to 3/4 cup, about 15 minutes. Stir 1 tablespoon butter and flour in a small bowl until well blended. Whisk half of butter mixture into pan sauce. Return to a simmer and season to taste with salt and pepper. Sauce should be thick enough to coat a spoon but still runny. Whisk in remaining butter mixture to thicken more, if desired. Whisk in remaining 1 tablespoon butter. Carve roast. Serve sauce alongside.
3. Line a rimmed baking sheet with plastic wrap, leaving a long overhang on both ends. Place roast on top. Season meat with salt and pepper, then rub tapenade all over roast. (If fat cap is thicker than 1/4", cut in between fat and meat, starting on side of fat farthest from bones and continuing to within about 1" of bones; your butcher can do this for you. Peel back layer of fat, leaving attached; season meat and spread some of tapenade under fat. This will help seasoning penetrate the meat. Lay fat back over meat.)
4. Tie 2 pieces of kitchen twine crosswise and 2 pieces lengthwise around roast to secure. Wrap tightly with excess plastic wrap and chill overnight. Let roast stand at room temperature for 1 hour before cooking.
5. Preheat oven to 425°F. Unwrap roast; set on a rack inside a deep roasting pan. Pour 2 cups water into bottom of pan. Roast meat until deep brown, about 40 minutes. Reduce heat to 325°F and continue to roast until an instant-read thermometer inserted into the thickest part of meat registers 120°F for medium-rare (temperature will climb to 125°F after removed from oven), about 1 1/2 hours longer. Transfer rack with roast to a cutting board; let rest for at least 30 minutes.
6. Meanwhile, pour off fat from roasting pan; discard fat. Add wine to pan, set over medium heat, and cook, stirring to dissolve any browned bits from bottom of pan. Transfer liquid to a medium skillet and bring to a boil over medium-high heat. Reduce heat and simmer until wine is reduced to 1/4 cup, 7-8 minutes. Add broth and thyme sprigs; cook until reduced to 3/4 cup, about 15 minutes.
7. Stir 1 tablespoon butter and flour in a small bowl until well blended. Whisk half of butter mixture into pan sauce. Return to a simmer and season to taste with salt and pepper. Sauce should be thick enough to coat a spoon but still runny. Whisk in remaining butter mixture to thicken more, if desired. Whisk in remaining 1 tablespoon butter.
8. Carve roast. Serve sauce alongside.