The most common and most likely answer to this crossword clue is the 9 letter word CA:LAMARI
I've seen this crossword clue in Financial Times
C
A
:
L
A
M
A
R
I
Buddy explains!
The straight part
We know that "squid" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case squid = ca:lamari.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CA:LAMARI mean?
CA:LAMARI noun- Squid as food, especially cooked in the form of calamari rings
- Squid, the mollusk, in general