10 slices firm white sandwich bread
1 1/2 tablespoons unsalted butter, melted
1 oz Parmigiano-Reggiano
6 oz cream cheese, softened (3/4 cup)
1/3 cup pimiento-stuffed green Spanish olives (3 oz), rinsed, drained, and finely chopped
1/4 cup finely chopped scallion
1/4 cup finely chopped red bell pepper
1/4 teaspoon sweet paprika
2 teaspoons medium-dry Sherry

Special equipment: a 1 1/2-inch round cookie cutter; a Microplane rasp

Put oven rack in middle position and preheat oven to 375F.

Cut 40 rounds from bread slices with cutter, then brush 1 side of each round with butter and bake on a large baking sheet until pale golden, about 8 minutes. (Leave toasts on baking sheet.)

Preheat broiler.

Finely grate Parmigiano-Reggiano using rasp (you will have about 1 cup). Mash together cream cheese, olives, scallion, bell pepper, paprika, and Sherry until combined well, then top each toast with 1 teaspoon cream cheese mixture and sprinkle with Parmigiano-Reggiano. Broil canaps about 4 inches from heat until Parmigiano-Reggiano begins to turn golden, about 1 minute.

Cooks' notes:
Toasts can be made 1 day ahead and cooled completely, then kept in an airtight container at room temperature.
Cream cheese mixture can be made 1 day ahead and chilled, covered. Bring to room temperature before using.