Fishing Speed

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

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

$$ \begin{align} BaseTicks &= \text{Random number between }200 \text{ and } (400 - 10 \times LureEnchantmentTier) \\ Ticks &= BaseTicks \times OtherMultipliers \\ No. of Seconds &= \left\lfloor\frac{Ticks}{TicksPerSecond}\right\rfloor \end{align} $$ The amount of OtherMultipliers are specified from different Talismans, Fishing Rods, Fishing Baits, and Pets. The amount of TicksPerSecond can vary, but is 20 by default.

The cap is, but extends to on the.

Ways to Increase
A Fishing Speed equates to an  discount to the Ticks in the equation above.
 * -|Fishing Rods=
 * -|Miscellaneous=

Maximum Fishing Speed
The maximum can be obtained through the following method, using these items:
 * Dungeonized in The Catacombs

Trivia

 * stacks additively.