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:

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

If the Enchantment activates, $$Ticks = 1$$

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.