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Alacrity rating is a haste effect. It reduces the length of channeled abilities and reduces the cooldowns of abilities that have activation times longer than 1.5 seconds. It does not affect abilities that utilize the default 1.5 second Global Cool-Down, such as instant abilities.
When looking at your character sheet, your alacrity rating can be found under the "Tech" or "Force" section by mousing over the "activation speed" category.