We had that here: no need to repeat it. An explicit rule from ArM5 is more trustworthy than an instance from MoH, isn't it?
ArM5 Hermetic spells usually affect their targets instantaneously, once they are cast: no fireballs racing over the battlefield to and from, and no instances of mind control searching for their targets. ArM5 p.155 Wielding the Invisible Sling instantaneously grabs the intended mundane projectile - and then takes a little time to hurl it: this is due to its specific design.
Read this all up again in ArM5 p.83 Fast Casting: while your opponent still casts his spell, you first derive its basic characteristics with magical knowledge and observation, and second fast cast your defense. So your defense spell might be up at the moment your opponent has completed his spell.
Cheers