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The Parry Dagger has a Parry that, like parries in the 1st and 3rd game, start immediately upon button press; additionally, the active frames rival that of a dueling style weapon (such as the Rapier). Quite effective in PvP, given it's now possible last second use, also deals tremendous riposte damage. A GREAT weapon for the right hand (as it can parry in both).
Correction, the Parry Dagger has one of the fastest start up frames (9 frames on 60 FPS), this means the start up frames last for .15 seconds, which is about the same as the active frames it has. Granted, it still does good riposte damage and is very fast (making it great for PvP), but it is not instant.
Holy*****, this guy actually thought DS1 and DS3 have 'immediate' parries? What a noob.
DS3 variant has delayed startup frames.
One of the better descriptions if not THE best description for any item in the game and you have it reduced to some stupid joke.

"Unlike standard weapons, this dagger is
intended for parrying.

Accomplishments are forever out of reach
to those who constantly fear failure.
A true warrior hones his body and mind,
and peers far beyond immediate hardship."
Dual wield this, get ironclad set and call yourself raphael. Welcome to the ninja turtles!