The flow of blood in the capillaries is controlled by structures called precapillary sphincters. These structures are located between arterioles and capillaries and contain muscle fibers that allow them to contract. When the sphincters are open, blood flows freely to the capillary beds of body tissue.When the sphincters are closed, blood is not allowed to flow through the capillary beds. Fluid exchange between the capillaries and the body tissues takes place at the capillary bed.hen the sphincters are open, blood flows freely to the capillary beds of body tissue. When the sphincters are closed, blood is not allowed to flow through the capillary beds. Fluid exchange between the capillaries and the body tissues takes place at the capillary bed.