Fishing Speed

decreases the amount of time it takes the player to catch an item or Sea Creature.

Mechanics
The amount of ticks it will take for the player to catch something is dependent on these formulae:

$$ \begin{align} BaseTicks &= \text{Random number between }200\text{ and }(400 - 200 \times LureCatchTimeReduction)\\ Ticks &= BaseTicks - \left(\frac{FishingSpeed}{FishingSpeedCap} \times BaseTicks\right) \\ No. of Seconds &= \frac{Ticks}{TicksPerSecond} \end{align} $$ $$FishingSpeedCap$$ is $$300$$, or $$350$$ if the player is on the Crimson Isle. $$TicksPerSecond$$ is $$20$$ by default, but can vary depending on lag.

If the Enchantment activates, $$Ticks = 1$$. If $$FishingSpeed = FishingSpeedCap$$ regardless the Enchantment, $$Ticks = 0$$, meaning things are caught immediately.

Increasing Bonus Fishing Speed

 * -|Pets=

Pets
Certain Pets grant. The Pet must be equipped in order to take effect.
 * -|Accessories=

Accessories
Certain Accessories grant. They must be either in the player's  Accessory Bag or inventory to take effect.
 * -|Equipment=

Equipment
Certain Equipment pieces grant. They must be equipped in their respective slot to take effect.
 * -|Fishing Rods=

Fishing Rods
Certain Fishing Rods grant. They must be cast in order to take effect.
 * -|Bait=

Bait
Certain Bait grants. It must be cast with a Fishing Rod to take effect.
 * -|Modifiers=

Modifiers
Certain modifiers can be applied to items to grant. The items with the modifiers applied to must be used to take effect.

Reforges
Certain Reforges can be applied to items via a or the  to grant. The items with the Reforge applied must be used to take effect.

Attributes
Certain Attributes can be applied to items via Attribute Fusing to grant. The items with the Attribute applied to must be used to take effect.

Enchantments
Certain Enchantments can be applied to items via an or  to grant. The items with the Enchantment applied must be used to take effect.
 * -|Miscellaneous=

Maximum Fishing Speed
The maximum can be obtained through the following method, using these items:
 * (Star Icon (Light Purple).pngStar Icon (Light Purple).pngStar Icon (Light Purple).pngStar Icon (Light Purple).pngStar Icon (Light Purple).png )
 * Submerged
 * Spider's Den Rain
 * Spider's Den Rain
 * Spider's Den Rain
 * Spider's Den Rain
 * Spider's Den Rain
 * Spider's Den Rain
 * Spider's Den Rain
 * Spider's Den Rain
 * Spider's Den Rain

Trivia

 * stacks additively.