This work is focused on understanding and optimising the physical mechanisms responsible for wavelength conversion based on cross-polarisation modulation (XPolM) in a bulk semiconductor optical amplifier. A comparison is made between the conversion performance that can be achieved with cross-gain modulation (XGM) and XPolM in co- and counter-propagation configurations. Wavelength independent conversion can be achieved when nonlinear polarisation rotation and XGM effects are balanced in the case of non-inverted wavelength conversion.