As the need for higher and higher bandwidths in telecommunication systems continues, it is widely predicted that at some point in the future optical processing will need to be performed all-optically. Several techniques have been proposed to perform such all-optical signal processing. In this paper a technique based on the nonlinear rotation in the state of polarization of an optical signal injected into a bulk semiconductor optical amplifier is discussed. An experiment to perform wavelength conversion at 2.5 Gbit/s based on this effect is presented. The performance of the wavelength converter is tested in both co- and counter-propagation, and wavelength independent wavelength conversion is found in the non-inverted co-propagation setup.