We propose to develop a framework which provides the ability to apply complex event processing in real-time domains, thus allowing an easier process of developing and maintaining specific solutions for real-time event-based systems, while upholding the real time requirements of the system. Specifically, we propose to develop a framework that includes an integrated development environment for defining rules, and, given a set of rules, generates code for a complex event processing application for which it is able to determine time bounds on the response of this application to a set of supported events. In particular, the tool helps determine a time bound for the execution time of the code corresponding to each rule. Many Service Oriented Architecture (SOA) applications, in domains such as financial services, manufacturing, gaming and military/aerospace, have real-time performance requirements. We present real-life industry use cases from these domains as motivation for the potential benefit in developing real-time complex event processing applications. In support of a feasibility argument for the proposed approach we present some preliminary experimental results obtained on a partially implemented tool.