I've never worked bonds, so I am not sure about the context there. However, in the general Basel construct, the CCF is the fraction of off-balance sheet exposures which should be treated as on-balance sheet for regulatory capital purposes.
For example, if I have USD100B in contingent exposures to retail customers (based on credit lines that have not yet been tapped) and statistical analysis shows that 30% of those contingent exposures move to the balance sheet prior to default, then the CCF is 30% and the firm should allocate additional capital equal to having an extra USD30B on their balance sheets.
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An empirical conversion factor.
The question cannot be answered because it is based on an incorrect understanding of a conversion factor. For example, the conversion factor for inches to millimetres is 25.4 mm = 1 inch. It never, ever has the value 1.
In mathematics, specifically algebra, a conversion factor is used to convert a measured quantity to a different unit of measure without changing the relative amount. There are 24 hours in a day, so hours = days x 24. The conversion factor for days to hours is 24.
It is the conversion factor between the measurement units.
It's an arithmetical multiplier for converting a quantity expressed in one set of units into an equivalent expressed in another.