Heat oil and 1 tablespoon butter in 5 quart casserole over medium high heat. Add 1/3 of the beef cubes and brown on all sides (6-8 minutes). Transfer meat to plate or bowl. Repeat with remainder of beef until all is browned.
Add chopped onion to pan, reducing heat to low and sauté for about 6-8 minutes or until onion is tender and translucent.
Return beef to pan and sprinkle with flour, tossing until all is coated. Transfer all to casserole to oven and bake for 5 minutes. Remove from oven.
Reduce oven temperature to 325°F.
Pour any reserved juices (from beef on plate) over the beef, along with the wine and broth (if beef is not covered add more beef broth or water).
Tie parley sprigs, garlic, thyme and bay leaf in a cheesecloth.
Add herbs (in cheese cloth bag) to beef with salt and pepper.
Bring mixture to a boil on top of stove and then transfer mixture to casserole and then to oven.
Bake for 45-60 minutes, stirring occasionally.
Stir in carrots, adding more broth (or water) is sauce is too thick or mixture seems dry. Continue baking for 30-45 minutes (20-30 if using baby carrots). Discard cheesecloth bag.
While stew is baking in oven, in a medium saucepan boil water (enough to cover onions) and add onions and boil for 1 minute. Drain onions and peel onions.
In a skillet over medium heat, melt one tablespoon butter. Add onions to skillet and sauté for 4-5 minutes. Remove onions from skillet and add to stew, along with the fennel (if using) in casserole in the oven. Continue baking for 20 more minutes.
Remove from oven and add peas to casserole, simmering an additional 5-10 minutes on top of the stove. Stir in minced parsley.